Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 9

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 9
---
—  
    $2,263,630 
  
    Purchase of vehicle funded by loan 
    $219,668  
    $34,974 
  
    Purchase of office funded by loan 
    $1,800,000  
    $— 
  
    Purchase software and office by using previous prepayments 
    $2,085,000  
    $— 
  
    Purchase property rights by using previous prepayments 
    $54,572  

    Properties used for rental services 
    $65,618  

    Deferred IPO cost recognized as additional paid-in capital 
    $502,198  
    $— 
  
    Termination of operating lease right-of-use assets and operating lease
    liabilities 
    $(863,513) 
    $— 
  
    Right-of-use assets obtained in exchange for operating lease liabilities 
    $1,585,285  
    $3,579,568 

The accompanying notes are an integral part of these unaudited condensed
consolidated financial statements.

4

FLY-E GROUP, INC.

Notes to Unaudited Condensed Consolidated Financial
Statements

1 — DESCRIPTION OF BUSINESS, ORGANIZATION AND BASIS OF PRESENTATION

Organization and principal activities

Fly-E
Group, Inc. (the “Company” or “Fly-E Group”) was incorporated under the laws of the State of Delaware on November 1,
2022. The Company has no substantive operations other than holding all of the issued and outstanding shares of Fly E-Bike Inc. (“Fly
E-Bike”) and Fly EV, Inc. (“Fly EV”). Fly E-Bike and Fly EV were incorporated under the laws of the State of Delaware
on August 22, 2022 and November 1, 2022, respectively. Fly EV has no substantive operations. The Company, through its wholly
owned subsidiaries, is principally engaged in designing, installing and selling smart electric bikes (“E-bikes”), electric
motorcycles (“E-motorcycles”), electric scooters (“E-scooters”), and related accessories under the brand name
of “Fly E-Bike.” The Company’s principal operations and geographic markets are mainly in the United States of
America (the “U.S.”). During the nine months ended December 31, 2024, the Company closed four stores in the U.S. As of February
19, 2025, the Company has opened a total of 36 stores, including 35