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LOBO EV Technologies Ltd. Unveils Key Audit Changes in December 2024 Form 6-K Report

$LOBO
Form 6-K
Filed on: 2024-12-30
Source
LOBO EV Technologies Ltd. Unveils Key Audit Changes in December 2024 Form 6-K Report

Key Information Extracted from the Financial Report (Form 6-K) of LOBO EV Technologies Ltd.

  1. Company Information:
  • Name: LOBO EV Technologies Ltd.
  • Location: Gemini Mansion B 901, i Park, No. 18-17 Zhenze Rd, Xinwu District, Wuxi, Jiangsu, People's Republic of China, 214111.
  1. Report Type:
  • This is a Form 6-K report filed with the U.S. Securities and Exchange Commission (SEC) pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934.
  1. Reporting Period:
  • The report pertains to the month of December 2024.
  1. Auditor Change:
  • Effective December 26, 2024, HTL International, LLC has been appointed as the new independent registered public accounting firm for LOBO EV Technologies Ltd.
  • Previous Auditor: TPS Thayer, LLC was dismissed on the same date, December 26, 2024.
  • The decision to change auditors was based on a transition of certain business from TPS to HTL and was approved by the company's board of directors.
  1. Disagreements with Previous Auditor:
  • There were no disagreements between LOBO EV Technologies and TPS Thayer on any matters related to accounting principles, financial statement disclosure, or auditing procedures during the two most recent fiscal years leading up to the change.
  1. Audit Report:
  • TPS Thayer's audit report on the consolidated financial statements for the fiscal years ended December 31, 2022 and 2023 did not contain any adverse opinion, disclaimer, or qualification concerning uncertainty or scope of accounting principles.
  1. Reportable Events:
  • During the two most recent fiscal years and through December 26, 2024, there were no reportable events other than material weaknesses reported by management in the final prospectus filed on April 30, 2024.
  1. Consultation with New Auditor:
  • Prior to engaging HTL, neither the company nor its representatives consulted HTL regarding accounting principles, audit opinions, or any matters that would constitute disagreements or reportable events.
  1. Letter from Former Auditor:
  • The company has provided TPS Thayer with a copy of the disclosures made in this report and has requested a letter from TPS regarding their agreement with the statements made. This letter is filed as Exhibit 16.1 to the Form 6-K.
  1. Signatures:
    • The report is signed by Huajian Xu, Chief Executive Officer of LOBO EV Technologies Ltd., dated December 30, 2024.

Insights:

  • The change in auditors could indicate a strategic shift or transition in the company’s operations, possibly reflecting a need for different expertise aligning with evolving business needs.
  • The absence of disagreements with the former auditor is a positive indicator of the company's financial management practices and reporting integrity.
  • The mention of material weaknesses in the prospectus could suggest areas of improvement in the company's financial controls that stakeholders may want to monitor closely.

This summary encapsulates the critical changes and statuses regarding the audit and financial reporting for LOBO EV Technologies Ltd. as outlined in the Form 6-K.