LOBO LOBO EV Technologies Ltd

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of December 2024

 

Commission File Number: 001-41981

 

LOBO EV TECHNOLOGIES LTD.

(Registrant’s Name)

 

Gemini Mansion B 901, i Park, No. 18-17 Zhenze Rd
Xinwu District, Wuxi, Jiangsu
People’s Republic of China, 214111
(Address of Principal Executive Offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒ Form 40-F ☐

 

 

 

Information Contained in this Form 6-K Report

 

On December 30, 2024, Beijing LOBO Intelligent Machine Co., Ltd. (“Beijing LOBO”), a wholly-owned subsidiary of LOBO EV TECHNOLOGIES LTD., a British Virgin Islands business company (the “Company”), completed the disposal of Wuxi Jinbang Electric Vehicle Manufacture Co., Ltd, an 85%-owned subsidiary of Beijing LOBO. Beijing LOBO received RMB 9,180,000 for the disposal.

 

On December 10, 2024, Jiangsu LOBO Electric Vehicle Co. Ltd. (“Jiangsu LOBO”), a wholly-owned subsidiary of the Company, completed the disposal of Guangzhou LOBO Intelligent Technologies Co. Ltd., a wholly-owned subsidiary of Jiangsu LOBO. Jiangsu LOBO received RMB 18,000 for the disposal.

 

The Company has received valuation report for the Beijing LOBO and Guangzhou LOBO from a third-party valuation advisor. Each of the disposal was approved by the board of directors of the Company. The main business of the Company in China still focuses on the design and manufacture of two-wheeled electric vehicles, three-wheeled electric vehicles and off-highway four-wheeled electric shuttles.

 

The financial statements of the Company as of and for the year ended December 31, 2023 and six months ended June 30, 2024, the accompanying notes thereto, and incorporated herein by reference, and pro forma financial information as of and for the year ended December 31, 2023 and six months ended June 30, 2024, which is filed as Exhibit 99.1.

 

Financial Statements and Exhibits.

 

Exhibits

 

Exhibit No.		Description
99.1		LOBO EV TECHNOLOGIES LTD. Unaudited Pro Forma Condensed Combined Financial Statements as of December 31, 2023 and June 30, 2024.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	Lobo EV Technologies Ltd.
Date: December 30, 2024	By:	/s/ Huajian Xu
	Name:	Huajian Xu
	Title:	Chief Executive Officer

 

 

Exhibit 99.1

 

LOBO EV TECHNOLOGIES LTD

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2024

(In U.S. dollars except for number of shares)

 

		LOBO EV TECHNOLOGIES				Guangzhou LOBO				Wuxi Jinbang
		LTD And Subsidiaries				Less: Disposition				Less: Disposition				Note				Pro Forma Adjustments				Pro Forma Consolidated
							(a)				(b)
Assets
Current assets:
Cash and cash equivalents		$	1,115,181			$	(3,058	)		$	(434	)						$	-			$	1,111,689
Accounts receivable, net			2,339,830				-				(32,695	)			(c)				16,513				2,323,648
Inventories, net			8,886,337				-				(1,441,774	)							-				7,444,563
Amounts due from related parties			-				-				(824,863	)			(c)				824,863				-
Short-term investments			184,231				(184,231	)			-								-				-
Prepaid expenses and other current assets			7,828,258				(1,610	)			(2,083,947	)			(c)(d)				2,765,018				8,507,719
Total current assets			20,353,837				(188,899	)			(4,383,713	)							3,606,394				19,387,619
Property and equipment, net			986,122				(114,843	)			(76,027	)							-				795,252
Intangible assets, net			1,996,823				(1,223,482	)			-								-				773,341
Construction-in-progress			-				-				-								-				-
Operating lease right-of-use assets, net			1,122,664				(9,477	)			(160,783	)							-				952,404
Other non-current assets			-				-				-								-				-
Total Assets			24,459,446				(1,536,701	)			(4,620,523	)							3,606,394				21,908,616
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable		$	1,281,014			$	-			$	(43,162	)			(c)			$	50,843			$	1,288,695
Advances from customers			2,613,072				-				(90,393	)							-				2,522,679
Other current payables			393,297				(52,973	)			(108,075	)			(c)				1,438,435				1,670,684
VAT payable			6,450,933				(171,609	)			(2,124,124	)							-				4,155,200
Taxes payable			2,669,546				(389,685	)			(557,782	)							-				1,722,079
Amounts due to related parties			1,486,145				(196,680	)			-				(c)				824,863				2,114,328
Short-term Loan			-				-				-								-				-
Operating lease liabilities, current			701,446				(4,126	)			(68,314	)							-				629,006
Total current liabilities			15,595,453				(815,073	)			(2,991,850	)							2,314,141				14,102,671
Long-term Loan			137,605				-				(137,605	)							-				-
Operating lease liabilities, non-current			633,389				(7,002	)			(105,732	)							-				520,655
Other payables			-				-				-								-				-
Total liabilities			16,366,447				(822,075	)			(3,235,187	)							2,314,141				14,623,326
Commitments and contingencies			-				-				-								-				-
Equity:
Common stock (par value of $0.001 per share, 50,000,000 shares authorized, 7,780,000 and 6,400,000 issued and outstanding, as of June 30, 2024 and December 31, 2023, respectively)			7,780				-				-								-				7,780
Additional paid-in capital			5,708,280				-				(299,680	)			(d)				299,680				5,708,280
Retained earnings			2,102,211				(703,503	)			(840,826	)			(d)				992,573				1,550,455
Accumulated other comprehensive income			(529,893	)			122,020				47,610								-				(360,263	)
Statutory reserve			606,881				(133,143	)			(94,700	)							-				379,038
Total LOBO EV Technologies LTD’s shareholders’ equity			7,895,259				(714,626	)			(1,187,596	)							1,292,253				7,285,290
Non-controlling interest			197,740				-				(197,740	)							-				-
Total Equity			8,092,999				(714,626	)			(1,385,336	)							1,292,253				7,285,290
Total Liabilities and Equity		$	24,459,446			$	(1,536,701	)		$	(4,620,523	)						$	3,606,394			$	21,908,616

 

 

LOBO EV TECHNOLOGIES LTD

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME

FOR THE SIX MONTHS ENDED JUNE 30, 2024

(In U.S. dollars except for number of shares)

 

		LOBO EV TECHNOLOGIES				Guangzhou LOBO				Wuxi Jinbang
		LTD And Subsidiaries				Less: Disposition				Less: Disposition				Note				Pro Forma Adjustments				Pro Forma Consolidated
						(e)				(f)
Revenues		$	12,132,668			$	(56,334	)		$	(677,411	)			(c)			$	343,819			$	11,742,742
Cost of revenues			10,768,717				(394,435	)			(656,649	)			(c)				343,819				10,061,452
Gross Profit			1,363,951			$	338,101				(20,762	)							-				1,681,290
Operating expenses
Selling and marketing expenses			329,471				(3,890	)			(19,335	)							-				306,246
General and administrative expenses			878,547				(24,863	)			(69,716	)							-				783,968
Research and development expenses			245,642				(109,844	)			-								-				135,798
Total operating expenses			1,453,660				(138,597	)			(89,051	)							-				1,226,012
Operating (loss)/income			(89,709	)			476,698				68,289								-				455,278
Other expenses (income)
Investment (income)			(15,814	)			-				-				(d)				(992,573	)			(1,008,387	)
Interest expense (income)			(19,964	)			10				(5,167	)							-				(25,121	)
Other (income)			(29,723	)			-				1,928								-				(27,795	)
Total other (income), net			(65,501	)			10				(3,239	)							(992,573	)			(1,061,303	)
(Loss)/Income before income tax expense			(24,208	)			476,688				71,528								992,573				1,516,581
Income tax expense			289,039				-				-								-				289,039
Net (loss)/Income			(313,247	)			476,688				71,528								992,573				1,227,542
Net (loss)/Income			(313,247	)			476,688				71,528								992,573				1,227,542
Less: Net (loss)/income attributable to non-controlling interest			(10,729	)			-				10,729								-				-
Net (loss)/income attributable to LOBO EV Technologies LTD			(302,518	)			476,688				60,799								992,573				1,227,542
Net (loss)/Income			(313,247	)			476,688				71,528								992,573				1,227,542
Foreign currency translation adjustments			(168,701	)			24,567				26,913								-				(117,221	)
Total comprehensive (loss) income			(481,948	)			501,255				98,441								992,573				1,110,321
Less: Comprehensive net (loss) attributable to noncontrolling interests			(27,327	)							27,327												-
Total comprehensive (loss) income attributable to LOBO EV Technologies LTD		$	(454,621	)		$	501,255			$	71,114							$	992,573			$	1,110,321
Net (loss)/income per share, basic and diluted		$	(0.04	)		$				$								$				$	0.17
Weighted average shares outstanding, basic and diluted			7,173,407																				7,173,407

 

 

LOBO EV TECHNOLOGIES LTD

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2023

(In U.S. dollars except for number of shares)

 

		LOBO EV TECHNOLOGIES				Guangzhou LOBO				Wuxi Jinbang
		LTD And Subsidiaries				Less: Disposition				Less: Disposition				Note				Pro Forma Adjustments				Pro Forma Consolidated
							(a)				(b)
Assets
Current assets:
Cash and cash equivalents		$	470,335			$	(248,649	)		$	(159,667	)						$	-			$	62,019
Accounts receivable, net			2,532,551				(1,566	)			(5,311	)			(c)				16,902				2,542,576
Inventories, net			5,737,781				(23,976	)			(600,104	)							-				5,113,701
Amounts due from related parties			-				-				(850,034	)			(c)				850,034				-
Short-term investments			56,768				-				-								-				56,768
Prepaid expenses and other current assets			7,307,478				(37	)			(2,788,963	)			(c)(d)				2,564,809				7,083,287
Total current assets			16,104,913				(274,228	)			(4,404,079	)							3,431,745				14,858,351
Property and equipment, net			1,080,747				(173,068	)			(83,576	)							-				824,103
Intangible assets, net			1,916,362				(1,617,482	)			-								-				298,880
Construction-in-progress			-				-				-								-				-
Operating lease right-of-use assets, net			569,462				(11,487	)			(187,734	)							-				370,241
Other non-current assets			-				-				-								-				-
Total Assets			19,671,484				(2,076,265	)			(4,675,389	)							3,431,745				16,351,575
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable		$	929,816			$	(7,338	)		$	(2,076	)			(c)			$	144,299			$	1,064,701
Advances from customers			1,555,424				(56,134	)			(70,923	)							-				1,428,367
Other current payables			370,913				(47,178	)			(109,493	)			(c)				1,145,159				1,359,401
VAT payable			6,078,846				(172,444	)			(2,122,818	)							-				3,783,584
Taxes payable			2,372,646				(398,626	)			(564,038	)							-				1,409,982
Amounts due to related parties			1,671,371				(153,976	)			-				(c)				850,034				2,367,429
Short-term Loan			-				-				-								-				-
Operating lease liabilities, current			362,720				(4,003	)			(68,840	)							-				289,877
Total current liabilities			13,341,736				(839,699	)			(2,938,188	)							2,139,492				11,703,341
Long-term Loan			140,847				-				(140,847	)							-				-
Operating lease liabilities, non-current			298,961				(9,366	)			(105,688	)							-				183,907
Other payables			11,320				(11,320	)			-								-				-
Total liabilities			13,792,864				(860,385	)			(3,184,723	)							2,139,492				11,887,248
Commitments and contingencies
Equity:
Common stock (par value of $0.001 per share, 50,000,000 shares authorized, 7,780,000 and 6,400,000 issued and outstanding, as of June 30, 2024 and December 31, 2023, respectively)			6,400				-				-								-				6,400
Additional paid-in capital			3,013,333				-				(299,680	)			(d)				299,680				3,013,333
Retained earnings			2,490,044				(1,180,190	)			(908,514	)			(d)				992,573				1,393,913
Accumulated other comprehensive income			(377,790	)			97,453				37,295								-				(243,042	)
Statutory reserve			521,566				(133,143	)			(94,700	)							-				293,723
Total LOBO EV Technologies LTD’s shareholders’ equity			5,653,553				(1,215,880	)			(1,265,599	)							1,292,253				4,464,327
Non-controlling interest			225,067				-				(225,067	)							-				-
Total Equity			5,878,620				(1,215,880	)			(1,490,666	)							1,292,253				4,464,327
Total Liabilities and Equity		$	19,671,484			$	(2,076,265	)		$	(4,675,389	)						$	3,431,745			$	16,351,575

 

 

LOBO EV TECHNOLOGIES LTD

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME

FOR THE YEARS ENDED DECEMBER 31, 2023

(In U.S. dollars except for number of shares)

 

		LOBO EV TECHNOLOGIES				Guangzhou LOBO				Wuxi Jinbang
		LTD And Subsidiaries				Less: Disposition				Less: Disposition				Note				Pro Forma Adjustments				Pro Forma Consolidated
							(e)				(f)
Revenues		$	15,474,918			$	(843,332	)		$	(3,716,174	)			(c)			$	506,652			$	11,422,064
Cost of revenues			13,266,821				(620,949	)			(3,305,882	)			(c)				506,652				9,846,642
Gross Profit			2,208,097			$	(222,383	)			(410,292	)							-				1,575,422
Operating expenses
Selling and marketing expenses			610,487				(7,398	)			(130,579	)							-				472,510
General and administrative expenses			516,187				(53,454	)			(121,916	)							-				340,817
Research and development expenses			262,375				(181,779	)			-								-				80,596
Total operating expenses			1,389,049				(242,631	)			(252,495	)							-				893,923
Operating (loss)/income			819,048				20,248				(157,797	)							-				681,499
Other expenses (income)
Investment expense (income)			11,399				1,977				-				(d)				(992,573	)			(979,197	)
Interest expense (income)			7,508				34				(7,978	)							-				(436	)
Other (income)			(531,183	)			131				6,268								-				(524,784	)
Total other (income), net			(512,276	)			2,142				(1,710	)							(992,573	)			(1,504,417	)
Income before income tax expense			1,331,324				18,106				(156,087	)							992,573				2,185,916
Income tax expense			344,853				-				(43,602	)											301,251
Net Income			986,471				18,106				(112,485	)							992,573				1,884,665
Net Income			986,471				18,106				(112,485	)							992,573				1,884,665
Less: Net income attributable to non-controlling interest			16,873				-				(16,873	)							-				-
Net income attributable to LOBO EV Technologies LTD			969,598				18,106				(95,612	)							992,573				1,884,665
Net Income			986,471				18,106				(112,485	)							992,573				1,884,665
Foreign currency translation adjustments			(187,459	)			36,216				32,018								-				(119,224	)
Total comprehensive income			799,012				54,322				(80,467	)							992,573				1,765,441
Less: Comprehensive net attributable to noncontrolling interests			12,304								(12,304	)							-				-
Total comprehensive income attributable to LOBO EV Technologies LTD		$	786,709			$	54,322			$	(68,163	)						$	992,573			$	1,765,441
Net income per share, basic and diluted		$	0.15			$				$								$				$	0.29
Weighted average shares outstanding, basic and diluted			6,400,000																				6,400,000

 

 

NOTE 1 –INTRODUCTION

 

On November, 2024, Jiangsu LOBO Electric Vehicle Co., LTD (“ Jiangsu LOBO “) and Beijing LOBO Intelligent Machine Co., LTD (“ Beijing LOBO ”) (the “Seller”) entered into share transfer agreements (“Disposition”) with Chengliang Yang and Jueqian Wang (the “Purchaser”). Pursuant to the Disposition, the Purchaser agreed to purchase Guangzhou Lobo Intelligent Technology Co., LTD. (“ Guangzhou LOBO ”), a wholly owned subsidiary of Jingsu LOBO, and Wuxi Jinbang Electric Vehicle Manufacturing Co., LTD. (“ Wuxi Jinbang ”), an 85%-owned subsidiary of Beijing LOBO, for cash consideration of RMB18,000 (approximately US $2,529) and RMB9.18 million (approximately US $ 1,289,724) (the “Purchase Price”), respectively. Upon closing of the transaction contemplated by the Disposition, the Seller will no longer have control over Guangzhou LOBO or Wuxi Jinbang. We refer to the foregoing transactions contemplated by the share transfer agreements collectively as the “Transaction”.

 

Basis of Presentation

 

The unaudited pro forma condensed consolidated financial statements were prepared in accordance with Article 11 of Regulation S-X, using the assumptions set forth to in the notes to the unaudited pro forma condensed combined financial statements. The unaudited pro forma condensed combined financial statements presented below are derived from the historical financial statements of the Lobo EV Technology Ltd. (the “Company”), adjusted to give effect to the Transaction. The unaudited pro forma condensed combined financial statements should be read in conjunction with the accompanying notes and the respective history financial information from which it was derived, including:

 

(1)	The historical financial statements and the accompanying notes of the Company as of and for the six months ended June 30, 2024, included in the Company’s Report on Form 6-K for the six months ended June 30, 2024 filed with the SEC on September 30, 2024.

 

(2)	The historical financial statements and the accompanying notes of the Company as of and for the year ended December 31, 2023, included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023 filed with the SEC on April 30, 2024.

 

The unaudited pro form condensed combined balance sheet as of June 30, 2024 gives effect to the Transaction as if it had occurred on June 30, 2024. The unaudited pro forma condensed combined statement of operations for the six months ended June 30, 2024 and for the year ended December 31, 2023 gives effect to the Transaction as if occurred on January 1, 2023 and carried forward through the eighteen months ended June 30, 2024.

 

The pro forma adjustments are preliminary and have been made solely for informational purposes. The unaudited pro forma condensed consolidated financial statements are not intended to represent and does not purport to be indicative of what the combined financial condition or results of operations of the Company would have been had the Transaction been completed on the applicable dates. In addition, the pro forma financial statements do not purport to project the future financial condition and results of operations of the Company. In the opinion of management, all necessary adjustments to the unaudited pro forma condensed combined financial statements have been made.

 

 

NOTE 2 – PRO FORMA RECLASSIFICATION AND ADJUSTMENTS

 

The historical consolidated financial statements have been adjusted in the Pro Forma, as detailed below, to give effect to pro forma events that are: (i) directly attributable to the Disposition, (ii) factually supportable, and (iii) with respect to the statements of operations, expected to have a continuing impact on the disposal results of Disposition. The Pro Forma do not reflect the non-recurring cost of any integration activities or benefits from the Disposition including potential synergies that may be generated in future periods.

 

The unaudited pro forma consolidated balance sheet as of June 30, 2024 and December 31, 2023 reflects the following transaction accounting adjustments related to the Disposition:

 

(a) The removal of the assets and liabilities under Guangzhou LOBO from the historical information presented.

 

(b) The removal of the assets and liabilities under Wuxi Jinbang from the historical information presented.

 

(c) Represents the recovery of elimination between the Company and Guangzhou LOBO as well as Wuxi Jinbang.

 

(d) The pro forma net gain on disposal of assets is based on the Company’s historical balance sheet information as of June 30, 2024 and December 31, 2023 and is subject to change based upon, among other things, the actual balance sheet on the closing date of the Disposition and the finalization of the Company’s financial closing procedures and may differ significantly from the actual net gain on disposal of assets that the Company will recognize. The pro forma net gain on disposal of assets presented below is reflected in the unaudited pro forma condensed consolidated balance sheet as if the Disposition was consummated as of June 30, 2024, and in the unaudited pro forma condensed statements of operation as if the Disposition was consummated on January 1, 2023.

 

(e) The removal of revenues and expenses from the assets sold in connection with the Guangzhou LOBO Disposition from the historical information presented.

 

(f) The removal of revenues and expenses from the assets sold in connection with the Wuxi Jinbang Disposition from the historical information presented.

 

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