Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 2248

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 11
Chunk 2248
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 and
amounts that are regularly provided to the chief operating decision-maker (“CODM”) and included in each reported measure
of a segment’s profit or loss. Additionally, it requires a public entity to disclose the title and position of the individual
or the name of the group or committee identified as the CODM. This guidance is effective for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the guidance
should be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company
adopted the ASU for the fiscal year ending March 31, 2025 and applied retrospectively to all prior periods presented. The adoption
of this ASU had no material impact on reportable segments identified and had no effect on the Company’s financial position,
results of operations, or cash flows.

(aa) Recent accounting pronouncements not yet
adopted

The Company considers the applicability and impact
of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. Under
the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of
an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards, which
delays the adoption of these accounting standards until they would apply to private companies.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes
(Topic 740): Improvements to Income Tax Disclosures.” This guidance requires a public entity to disclose in their rate reconciliation
table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling
items in some categories if the items meet a quantitative threshold. The guidance also requires all entities to disclose annually income
taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information
by jurisdiction based on a quantitative threshold. This guidance is effective for annual periods beginning after December 15, 2024. Early
adoption is permitted, and this guidance should be applied prospectively but there is the option to apply it retrospectively. The Company
is currently evaluating the impact of this guidance on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03,
“In