LOBO EV TECHNOLOGIES LTD
For the period ended Jun 30, 2024. Filed Sep 30, 2024.
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Jun 30, 2024 · Filed Sep 30, 2024
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Contents
EX-99.2 · Segment Information
Segment Information
The Company has determined that it operates in two operating segments for the six months ended June 30, 2024 and 2023: (1) electric vehicles and accessories sales, and (2) software royalties and development and design services.
The following tables present the summary of each reportable segment’s revenue and income, which are considered as segment operating performance measures, for the six months ended June 30, 2024 and 2023:
| Electric vehicles and accessories sales · Software royalties and development and design services | |||
|---|---|---|---|
| Segment | Segment | Consolidated | |
| Current assets | $20,164,937 | $188,900 | $20,353,837 |
| Non-current assets | 2,757,808 | 1,347,801 | 4,105,609 |
| Revenues | 12,076,334 | 56,334 | 12,132,668 |
| Depreciation and amortization | 89,791 | 413,978 | 503,769 |
| Segment income (loss) before tax | 452,479 | (476,687) | (24,208) |
| Segment gross profit margin | 14% | -600% | 11% |
| Net income (loss) | $163,440 | (476,687) | (313,247) |
| Electric vehicles and accessories sales · Software royalties and development and design services | |||
|---|---|---|---|
| Segment | Segment | Consolidated | |
| Current assets | $13,617,876 | $741,548 | $14,359,424 |
| Non-current assets | 1,648,698 | 1,422,157 | 3,070,855 |
| Revenues | 7,496,861 | 640,959 | 8,137,820 |
| Depreciation and amortization | 91,200 | 230,139 | 321,339 |
| Segment income before tax | 811,842 | 109,395 | 921,237 |
| Segment gross profit margin | 12% | 39% | 15% |
| Net income | $590,072 | $81,965 | $672,037 |
Depreciation and amortization
The increase of depreciation and amortization was primarily due to the increases in amortization of the intangibles in the software royalties and development and design services segment.
Segment income before tax
The income before tax in the vehicles and accessories sales segment decreased by $359,363 to $452,479 for the six months ended June 30, 2024, from income before tax of $811,842 for the six months ended June 30, 2023.
The income before tax in the software royalties and development and design services segment decreased by $586,082 to loss of $476,687 for the six months ended June 30, 2024, from income before tax of $109,395 for the six months ended June 30, 2023.
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