Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 60

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 60
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 2024 from $0.5 million for the year ended March 31, 2023 primarily due to additional employees hired in operation and accounting departments. Rent expenses increased to $0.2 million for the year ended March 31, 2024, compared to $0.1 million for the prior year as a result of office space expansion in the year ended March 31, 2024. 38 Other Expenses, Net Other expenses were $30,352 for the year ended March 31, 2024 and $11,524 for the year ended March 31, 2023. The increase in other expenses was primarily due to a settlement payment of $43,701 related to an incident at one of our retail stores, partially offset by the Company’s receipt of the New York State Seed Funding for small business of $15,202 and a one-time promotion bonus of $4,655 from an online sales platform we use during the year ended March 31, 2024. Income Tax Provisions Provisions for income taxes were $1.2 million for the year ended March 31, 2024, an increase of $0.4 million from $0.8 million for the year ended March 31, 2023. This increase was due to our increased taxable income for the year ended March 31, 2024. Net Income Net income was $1.9 million for the year ended March 31, 2024, an increase of $0.5 million, or 37.5%, from $1.4 million for the year ended March 31, 2023, which was mainly attributable to the reasons discussed above. EBITDA The following table sets forth the components of our EBITDA for the years ended March 31, 2024 and 2023:

|                            |     | For the Year Ended March 31, |      2024 |   |     |   |      2023 |   |     |   |    Change |     |     | Percentage 
     Change |    |
|:---------------------------|:----|:-----------------------------|----------:|:--|:----|:--|----------:|:--|:----|:--|----------:|:----|:----|-----------:|:---|
| Net Income from Operations |     | $                            | 1,895,222 |   |     | $ | 1,378,571 |   |     | $ |