Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 628

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 2
Chunk 628
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 expenses associated with our initial public offering and ongoing reporting obligations. Payroll
expenses increased to $1.5 million for the year ended March 31, 2025 from $1.1 million for the year ended March 31, 2024 primarily
due to additional employees hired in operation and accounting departments. Insurance expenses increased to $1.1 million for the
year ended March 31, 2025, compared to $0.2 million for the same period of prior year as a result of increased general insurance
of the stores and the purchase of directors and officers liability insurance after initial public offering in the year ended March 31,
2025. Software development fee increased to $0.5 million for the year ended March 31, 2025, compared to $0.3 million for the same period
in prior year due to the increasing development fee of Fly E-Bike app and the increasing maintenance fee of Go Fly App. There were settlement
payments of $1.0 million for the year ended March 31, 2025, in connection with the UL Litigation.

Income Tax Provisions  

Income taxes provision was $0.3 million for the
year ended March 31, 2025, a change from $1.2 million income tax provision for the year ended March 31, 2024. This change was due
to our pre-tax loss for the year ended March 31, 2025.

Net Income (Loss)

Net loss was $5.3 million for the year ended
March 31, 2025, a change of $7.2 million, or 379.2%, from net income of $1.9 million for the year ended March 31, 2024, 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, 2025 and 2024:

    For the Year Ended March 31, 

    2025  
    2024  
    Change  
    Percentage  Change 
  
    (Loss) Income from Operations 
    $(5,291,159) 
    $1,895,222  
    $(7,186,381) 
     (379.2)%
  
    Income Tax provision 
     336,166  
     1,182,933