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Interim Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 1,115,181 $ 470,335
Accounts receivable, net 2,339,830 2,532,551
Inventories, net 8,886,337 5,737,781
Short-term investments 184,231 56,768
Prepaid expenses and other current assets 7,828,258 7,307,478
Total current assets 20,353,837 16,104,913
Property and equipment, net 986,122 1,080,747
Intangible assets, net 1,996,823 1,916,362
Operating lease right-of-use assets, net 1,122,664 569,462
Total Assets 24,459,446 19,671,484
Current liabilities:    
Accounts payable 1,281,014 929,816
Advances from customers 2,613,072 1,555,424
Other current payables 393,297 370,913
VAT payable 6,450,933 6,078,846
Taxes payable 2,669,546 2,372,646
Operating lease liabilities, current 701,446 362,720
Total current liabilities 15,595,453 13,341,736
Long-term Loan 137,605 140,847
Operating lease liabilities, non-current 633,389 298,961
Other payables 11,320
Total liabilities 16,366,447 13,792,864
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 6,400
Additional paid-in capital 5,708,280 3,013,333
Retained earnings 2,102,211 2,490,044
Accumulated other comprehensive income (529,893) (377,790)
Statutory reserve 606,881 521,566
Total LOBO EV Technologies LTD’s shareholders’ equity 7,895,259 5,653,553
Non-controlling interest 197,740 225,067
Total Equity 8,092,999 5,878,620
Total Liabilities and Equity 24,459,446 19,671,484
Related Party [Member]    
Current liabilities:    
Amounts due to related parties $ 1,486,145 $ 1,671,371