Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 137

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 137
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delays the adoption of these accounting standards until they would apply to private companies.

In November 2023, the FASB issued ASU 2023-07,
“Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This guidance requires a public entity to
disclose for each reportable segment, on an interim and annual basis, the significant expense categories 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 31, 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 plans to adopt the provisions of this guidance for the
fiscal year ending March 31, 2025.

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 plans to adopt the provisions of this guidance for the fiscal year ending March 31, 2026.

17

Except as mentioned above, the Company does not
believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s
unaudited condensed consolidated balance sheets, statements of operations and comprehensive loss and statements of cash flows.

3 — INVENTORIES, NET

Inventories, net consisted of the following:

    December 31,  2024