Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 137

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 137
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ike, Inc. |
| FLYNJ4 INC.      |     | ● A New York corporation ● Incorporated on October 4, 2023 ● A retail store    |     | 100% owned by Fly E-Bike, Inc. |
| FLYTORONTO Corp. |     | ● A Toronto corporation ● Incorporated on October 18, 2023 ● A retail store    |     | 100% owned by Fly E-Bike, Inc. |
| FLYLA INC.       |     | ● A California corporation ● Incorporated on December 1, 2023 ● A retail store |     | 100% owned by Fly E-Bike, Inc. |

Liquidity

As of March 31, 2024, the Company had working
capital of approximately $ million and cash of approximately $ million. The Company had net income of approximately $ million
and $ million for the years ended March 31, 2024 and 2023, respectively. On June 7, 2024, the Company closed the IPO of shares
of the common stock at the price of $ per share, resulting in net proceeds to the Company of $ million after deducting underwriting
discounts and commissions and offering expenses. On June 25, 2024, the Company sold an additional shares of common stock to the
underwriters of the IPO for gross proceeds of $ million upon full exercise of the underwriters’ over-allotment option and received
net proceeds of approximately $ million. The management plans to increase the Company’s revenue by strengthening its sales force,
providing attractive sales incentive programs, and increasing marketing and promotion activities. The working capital requirements are
affected by the efficiency of operations and depend on the Company’s ability to increase its revenue. The Company anticipates that
it will continue to generate net income for the foreseeable future and believes that its cash on hand and operating cash flows will be
sufficient to fund its operations over at least the next 12 months from the date of issuance of these consolidated financial statements.

F-11 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of Presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (the “U.S. GAAP”) and regulations of the Securities Exchange Commission (the “SEC”). (b) Principles of Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries over which the