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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 September 2025
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 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.
The Company has received a valuation report of Beijing LOBO from a third-party valuation advisor. 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, 2024, the accompanying notes thereto, which are incorporated herein by reference, and the pro forma financial information as of and for the year ended December 31, 2024, are 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, 2024. |
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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: September 16, 2025 | By: | /s/ Huajian Xu |
| Name: | Huajian Xu | |
| Title: | Chief Executive Officer | |
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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.