Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 665

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 2
Chunk 665
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Marcum Asia CPAs LLP

We have served as the Company’s auditor since 2022 (such date
takes into account the acquisition of certain assets of Friedman LLP by Marcum Asia CPAs LLP effective September 1, 2022).

New York, New York
July 15, 2025

NEW YORK OFFICE ● 7 Penn Plaza ● Suite
830 ● New York, New York ● 10001

Phone 646.442.4845 ● Fax 646.349.5200 ●
www.marcumasia.com

F-2

CONSOLIDATED FINANCIAL STATEMENTS 

FLY-E GROUP, INC.

CONSOLIDATED BALANCE SHEETS 

(Expressed in U.S. dollars, except for the
number of shares)

    March 31,  2025  
    March 31,  2024 
  
    ASSETS 

    Current Assets 

    Cash 
    $840,102  
    $1,403,514 
  
    Accounts receivable 
     466,187  
     212,804 
  
    Accounts receivable, net – related parties 
     37,465  
     326,914 
  
    Inventories, net 
     6,397,274  
     5,364,060 
  
    Prepayments and other receivables 
     3,676,986  
     588,660 
  
    Prepayments and other receivables – related parties 
     120,000  
     240,256 
  
    Assets held for sale 
     2,462,502  
     — 
  
    Total Current Assets 
     14,000,516  
     8,136,208 
  
    Property and equipment, net 
     7,287,213  
     1,755,022 
  
    Security deposits 
     728,450  
     781,581 
  
    Deferred IPO costs 
     —  
     502,198 
  
    Deferred tax assets, net 
     94,983  
     35,199 
  
    Operating lease right-of-use assets 
     10,933,068  
     16,000,742 
  
    Intangible assets, net 
     525,865  
     36,384 
  
    Long-term prepayment