Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 7

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 7
---
    $68,082 
  
    Cash paid for income taxes 
    $42,640  
    $481,929 

    Supplemental disclosure of non-cash investing and financing activities 

    Purchase software by using previous prepayments 
    $136,580  
    $— 
  
    Properties used for rental services 
    $49,811  
    $— 
  
    Deferred IPO cost recognized as additional paid-in capital 
    $—  
    $502,198 
  
    Uncollected proceeds from disposal of subsidiaries 
    $526,779  
    $— 
  
    Termination of operating lease right-of-use assets and operating lease liabilities 
    $3,089,912  
    $(2,962)
  
    Right-of-use assets obtained in exchange for operating lease liabilities 
    $—  
    $557,643 

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 three months ended June 30, 2025, the Company closed one store in U.S. During the year ended
March 31, 2025, the Company closed four stores in the U.S. As of August 19, 2025, the Company has opened a