EX-99.1 2 ex99-1.htm EX-99.1

 

Exhibit 99.1

 

LOBO EV TECHNOLOGIES LTD

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF DECEMBER 31, 2024

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

 

   LOBO EV          
   TECHNOLOGIES LTD 

Beijing Lobo

Disposition

   Note   Pro Forma Adjustments  Pro Forma Consolidated
      (a)           
Assets                         
Current assets:                         
Cash and cash equivalents  $1,379,434   $(454)       $454   $1,379,434 
Restricted cash   510,156    –           –      510,156 
Accounts receivable, net   1,506,894    (308,650)        308,650    1,506,894 
Inventories, net   8,592,767    (482,778)        482,778    8,592,767 
Amounts due from related parties   –      (287,113)        287,113    –   
Prepaid expenses and other current assets   7,689,423    (8,515,582)        13,339,621    12,513,462 
Assets held for sale   1,527,589    –           (1,527,589)   –   
Total current assets   21,206,263    (9,594,577)        12,891,027    24,502,713 
Property and equipment, net   728,438    (256,216)        256,216    728,438 
Intangible assets, net   871,044    (252,421)        252,421    871,044 
Operating lease right-of-use assets, net   1,037,883    (193,351)        193,351    1,037,883 
Deferred tax assets   175,960    –           –      175,960 
Total Assets  $24,019,588   $(10,296,565)       $13,593,015   $27,316,038 
                          
Liabilities and Shareholders’ Equity                         
Current liabilities:                         
Accounts payable  $2,217,720   $(2,125)       $2,125   $2,217,720 
Advances from customers   1,843,976    (24,964)        24,964    1,843,976 
Other current payables   1,798,252    (1,502,575)        9,984,438    10,280,115 
VAT payable   550,439    –           –      550,439 
Taxes payable   383,719    (4,918,926)        4,918,928    383,721 
Amounts due to related parties   712,410    –           287,113    999,523 
Short-term Loan   132,777    –           –      132,777 
Convertible note payable, net   12,820    –           –      12,820 
Liabilities held for sale   5,486,344    –           (5,486,344)   –   
Operating lease liabilities, current   768,544    (51,717)        51,717    768,544 
Total current liabilities   13,907,001    (6,500,307)        9,782,941    17,189,635 
Long-term Loan   236,513    –           –      236,513 
Operating lease liabilities, non-current   554,366    (111,089)        111,089    554,366 
Total liabilities  $14,697,880   $(6,611,396)       $9,894,030   $17,980,514 
                          
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)  $8,630   $–          $–     $8,630 
Additional paid-in capital   8,781,273    (736,568)        736,568    8,781,273 
Retained earnings   644,930    (2,941,843)        2,962,417    665,504 
Accumulated other comprehensive income   (577,762)   293,282         –      (284,480)
Statutory reserve   464,637    (300,040)        –      164,597 
Total LOBO EV Technologies LTD’s shareholders’ equity   9,321,708    (3,685,169)        3,698,985    9,335,524 
Non-controlling interest   –      –           –      –   
Total Equity   9,321,708    (3,685,169)        3,698,985    9,335,524 
                          
Total Liabilities and Equity  $24,019,588   $(10,296,565)       $13,593,015   $27,316,038 

 

 

 

 

LOBO EV TECHNOLOGIES LTD

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

FOR THE YEARS ENDED DECEMBER 31, 2024

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

 

   LOBO EV    Beijing            
   TECHNOLOGIES LTD   Lobo Less Disposition   Note  Pro Forma Adjustments   Pro Forma Consolidated 
       (b)            
Revenues  $21,188,606   $(2,529,703)  (c)  $746,398   $19,405,301 
Cost of revenues   18,731,995    (2,461,287)  (c)   746,398    17,017,106 
Gross Profit   2,456,611    (68,416)      -    2,388,195 
                        
Operating expenses                       
Selling and marketing expenses   716,021    (50,791)      -    665,230 
General and administrative expenses   2,020,003    (37,551)      -    1,982,452 
Research and development expenses   1,663,445    -       -    1,663,445 
Total operating expenses   4,399,469    (88,342)      -    4,311,127 
                        
Operating (loss)/income   (1,942,858)   19,926       -    (1,922,932)
                        
Other expenses (income)                       
Gain on disposal of subsidiaries   (836,112)   980,447   (d)   (2,962,417)   (2,818,082)
Interest income/expenses, net   20    45       -    65 
Other income/expenses, net   (380,892)   (1,838)      -    (382,730)
Total other income, net   (1,216,984)   978,654       (2,962,417)   (3,200,747)
                     $  
(Loss)/Income before income tax expense   (725,874)   (958,728)      2,962,417    1,277,815 
Income tax expense   119,967    (239,747)      -    (119,780)
Net (loss)/Income   (845,841)   (718,981)      2,962,417    1,397,595 
                     $ 
Net (loss)/Income   (845,841)   (718,981)      2,962,417    1,397,595 
Less: Net (loss)/income attributable to non-controlling interest   (33,005)                (33,005)
Net (loss)/income attributable to LOBO EV Technologies LTD   (812,836)   (718,981)      2,962,417    1,430,600 
                        
Net (loss)/Income   (845,841)   (718,981)      2,962,417    1,397,595 
Foreign currency translation adjustments   (204,541)   93,797            (110,744)
Total comprehensive (loss) income   (1,050,382)   (625,184)      2,962,417    1,286,851 
Less: Comprehensive net (loss) attributable to noncontrolling interests   (37,574)                (37,574)
Total comprehensive (loss) income attributable to LOBO EV Technologies LTD  $(1,012,808)  $(625,184)     $2,962,417    1,324,425 
                        
Net (loss)/income per share, basic and diluted  $(0.11)  $      $    0 
Weighted average shares outstanding, basic and diluted   7,478,361                 7,478,361 

 

 

 

 

NOTE 1 –INTRODUCTION

 

On April 21, 2025, Jiangsu LOBO Electric Vehicle Co. Ltd (“Jiangsu LOBO”), a wholly-owned subsidiary of LOBO EV TECHNOLOGIES LTD., a British Virgin Islands business company (the “Company”), completed the disposal of Beijing LOBO Intelligent Machine Co., Ltd (“Beijing LOBO”), a wholly-owned subsidiary of Jiangsu LOBO. Beijing LOBO received total consideration of RMB 27,000,000 for the disposal.

 

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:

 

  The historical financial statements and the accompanying notes of the Company as of and for the year ended December 31, 2024, included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2024 filed with the SEC on July 8, 2025.

 

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 December 31, 2024 reflects the following transaction accounting adjustments related to the Disposition:

 

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

 

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

 

(c) Represents the recovery of elimination between the Company and Beijing LOBO.

 

(d) The pro forma net gain on disposal of assets is based on the Company’s historical balance sheet information as of December 31, 2024 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 December, 2024, and in the unaudited pro forma condensed statements of operation as if the Disposition was consummated on January 1, 2024.