Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 79

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 79
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135,802 and $31,558, respectively. For the nine months ended
December 31, 2024 and 2023, the interest expenses on our outstanding loans amounted to $247,550 and $82,150, respectively. See Note 8
to the Unaudited Condensed Consolidated Financial Statements included within this quarterly report for further information on details
of our outstanding loans.

The following table summarizes our cash flow data
for the nine months ended December 31, 2024 and 2023:

    For the Nine Months Ended  December 31, 

    2024  
    2023 
  
    Net Cash (Used in) Provided by Operating Activities 
    $(9,413,989) 
    $1,743,987 
  
    Net Cash Used in Investing Activities 
     (2,836,671) 
     (963,304)
  
    Net Cash Provided by Financing Activities 
     12,233,936  
     30,550 
  
    Net Change in Cash 
    $(16,724) 
    $811,233 

Operating Activities

Net cash used in operating activities for the
nine months ended December 31, 2024 was $9.4 million, which was due to net loss of $2.0 million, a decrease in tax payable of
$1.5 million, and a decrease in accrued expenses and other payables of $0.5 million, an increase in inventories of $4.0 million,
a decrease in account payable of $0.1 million, a decrease in operating lease liabilities of $2.3 million, and an increase in prepayments
and other receivables of $1.8 million, partially offset by amortization of right-of-use assets of $2.4 million and a decrease in
accounts receivables-related parties of $0.2 million.

Net cash provided by operating activities for
the nine months ended December 31, 2023 was $1.7 million, which was mainly comprised of net income of $1.2 million, an increase in accounts
payable of $2.3 million, a noncash item of amortization of right-of-use assets of $1.7 million, offset by an increase in inventories of
$1.8 million and a decrease in operating lease liabilities of $1.7 million.

Investing Activities

Net