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FINANCIAL STATEMENT SCHEDULE I

12 Months Ended

Dec. 31, 2020

FINANCIAL STATEMENT SCHEDULE I

FINANCIAL STATEMENT SCHEDULE I

FINANCIAL STATEMENT SCHEDULE I

DAQO NEW ENERGY CORP.

FINANCIAL INFORMATION OF PARENT COMPANY

BALANCE SHEET

DECEMBER 31, 2019 AND 2020

(U.S. dollars in thousands, except share and per share data)

​	​	​	​	​	​	​
​	​	December 31,
​		2019			2020
ASSETS	​	​	​	​	​	​
Current assets:	​	​	​	​	​	​
Cash and cash equivalents	​	$	1,346	​	$	860
Prepaid expenses and other current assets	​		277	​		2,374
Total current assets	​		1,623	​		3,234
Investments in subsidiaries	​		565,242	​		764,046
TOTAL ASSETS	​	$	566,865	​	$	767,280
​	​	​	​	​	​	​
LIABILITIES AND SHAREHOLDERS’ EQUITY	​	​	​	​	​	​
Current liabilities:	​	​	​	​	​	​
Accrued expenses and other current liabilities	​	$	222	​	$	157
Total current liabilities	​		222	​		157
Equity:	​	​	​	​	​	​
Ordinary shares($0.0001 par value 500,000,000 shares authorized as of December 31, 2019 and 2020; 351,823,578 shares issued and 347,419,152 shares outstanding as of December 31, 2019; 390,423,578 shares issued and 365,235,402 shares outstanding as of December 31, 2020)	​		35	​		37
Additional paid-in capital	​		387,371	​		412,450
Retained earnings	​		200,923	​		330,118
Accumulated other comprehensive (loss) income	​		(19,937)	​		26,267
Treasury shares, at cost (4,643,150 shares as of December 31, 2019 and 2020)	​		(1,749)	​		(1,749)
Total shareholders’ equity	​		566,643	​		767,123
TOTAL LIABILITIES AND EQUITY	​	$	566,865	​	$	767,280

​

​

FINANCIAL STATEMENT SCHEDULE I

DAQO NEW ENERGY CORP.

FINANCIAL INFORMATION OF PARENT COMPANY

STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

FOR THE YEARS ENDED DECEMBER 31, 2018, 2019 AND 2020

(U.S. dollars in thousands)

​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​		2018			2019			2020
Operating expenses:	​	​	​	​	​	​	​	​	​
General and administrative	​	$	(14,514)	​	$	(11,976)	​	$	(12,727)
Total operating expenses	​		(14,514)	​		(11,976)	​		(12,727)
Loss from operations	​		(14,514)	​		(11,976)	​		(12,727)
Interest income	​		290	​		21	​		7
Income tax expense	​	​	—	​	​	—	​	​	(2,391)
Net loss before share of results of subsidiaries	​		(14,224)	​		(11,955)	​		(15,111)
Equity in earnings of subsidiaries	​		52,349	​		41,479	​		144,307
Net income attributable to Daqo New Energy Corp. ordinary shareholders	​	$	38,125	​	$	29,524	​	$	129,196
​	​	​	​	​	​	​	​	​	​
Other comprehensive (loss) income:	​		​	​		​	​		​
Foreign currency translation adjustments, net of tax of nil	​		(26,216)	​		(6,704)	​		46,204
Total other comprehensive income (loss):	​		(26,216)	​		(6,704)	​		46,204
Comprehensive income	​	$	11,909	​	$	22,820	​	$	175,400

​

​

FINANCIAL STATEMENT SCHEDULE I

DAQO NEW ENERGY CORP.

FINANCIAL INFORMATION OF PARENT COMPANY

CONDENSED STATEMENT OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2018, 2019 AND 2020

(U.S. dollars in thousands)

​	​	​	​	​	​	​	​	​	​
​	​	Year ended December 31,
​	​	2018			2019			2020
OPERATING ACTIVITIES	​	​	​	​	​	​	​	​	​
Net cash used in operating activities	​		(579)	​		(933)	​		(1,066)
​	​	​	​	​	​	​	​	​	​
INVESTING ACTIVITIES	​		​	​		​	​		​
Capital contributed to subsidiaries	​		(109,779)	​		—	​		—
Net cash used in(provided by) investing activities	​		(109,779)	​		—	​		—
​	​	​	​	​	​	​	​	​	​
FINANCING ACTIVITIES	​		​	​		​	​		​
Proceeds from follow-on equity offering	​		113,541	​		—	​		—
Insurance cost for follow-on equity offering	​		(6,919)	​		—	​		—
Proceeds from options exercised	​		687	​		791	​		580
Net cash provided by financing activities	​		107,309	​		791	​		580
NET DECREASE IN CASH AND CASH EQUIVALENTS	​		(3,049)	​		(142)	​		(486)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR	​		4,537	​		1,488	​		1,346
CASH AND CASH EQUIVALENTS AT END OF THE YEAR	​	$	1,488	​	$	1,346	​	$	860

​

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- References

No definition available.

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- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 10
-Section S99
-Paragraph 6
-Subparagraph (SX 210.5-04(Schedule I))
-URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

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