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CONDENSED PARENT ONLY FINANCIAL STATEMENTS
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
CONDENSED PARENT ONLY FINANCIAL STATEMENTS

21. CONDENSED PARENT ONLY FINANCIAL STATEMENTS

 

The condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X as the restricted net assets of the subsidiaries of the Company exceed 25% of the consolidated net assets of the Company. The ability of the Company’s operating subsidiaries to pay dividends may be restricted due to the restriction of paid-in capital, additional paid-in capital and statutory surplus reserves of the Company under PRC laws and regulations.

 

The condensed parent company financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements. Please refer to the consolidated financial statements and notes presented above for additional information and disclosures with respect to these financial statements.

 

LOBO EV TECHNOLOGIES LTD

(Parent Company Only)

CONDENSED BALANCE SHEETS

(IN U.S. DOLLARS)

 

   2024   2023 
   As of 
   December 31, 
   2024   2023 
Assets          
Investment in subsidiaries  $9,321,708   $5,653,553 
Total Assets   9,321,708    5,653,553 
           
Liabilities and Shareholders’ Equity          
Shareholders’ equity:          
Common stock (par value of $0.001 per share, 50,000,000 authorized, 8,630,000 and 6,400,000 shares issued and outstanding, as of December 31, 2024 and 2023, respectively)   8,630    6,400 
Subscription receivable   -    - 
Additional paid-in capital   8,781,273    3,013,333 
Retained earnings   1,109,567    3,011,610 
Accumulated other comprehensive income   (577,762)   (377,790)
Statutory reserve   -    - 
Equity attributable to LOBO EV Technologies LTD’s shareholders  $9,321,708   $5,653,553 
Total shareholders’ equity   9,321,708    5,653,553 
Total Liabilities and Shareholders’ Equity   9,321,708    5,653,553 

 

 

LOBO EV TECHNOLOGIES LTD

(Parent Company Only)

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(IN U.S. DOLLARS)

 

   2024   2023 
   For the year ended December 31, 
   2024   2023 
Revenues  $-   $- 
Cost of revenues   -    - 
Gross Profit   -    - 
           
Operating expenses          
Selling and marketing expenses   -    - 
General and administrative expenses   -    - 
Research and development expenses   -    - 
Total operating expenses   -    - 
           
Operating income   -    - 
           
Other expenses (income)          
Interest expense (income)   -    - 
Other (income) expense   -    - 
Total other expenses, net   -    - 
Income before income tax expense   -    - 
Income tax expense   -    - 
Equity income of subsidiaries   (812,836)   969,598 
Net Income  $(812,836)  $969,598 
           
Other comprehensive income (loss):          
Foreign currency translation adjustments   (199,972)   (182,890)
Total comprehensive income  $(1,012,808)  $786,708 

 

 

LOBO EV TECHNOLOGIES LTD

(Parent Company Only)

CONDENSED STATEMENTS OF CASH FLOWS

(IN U.S. DOLLARS)

 

   2024   2023 
   For the year ended December 31, 
   2024   2023 
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income  $(812,836)  $969,598 
Adjustment to reconcile net income to net cash provided by (used in) operating activities          
Equity income of subsidiaries   812,836    (969,598)
Net cash provided by (used in) operating activities   -    - 
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Net cash used in investing activities   -    - 
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Net cash provided by financing activities   -    - 
           
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   -    - 
CASH AND CASH EQUIVALENTS, beginning of period   -    - 
CASH AND CASH EQUIVALENTS, end of period  $-   $-