Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 169

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 169
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 $                         |  1,585,285 |   |     | $    |  3,579,568 |   |

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. F-36 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 retail stores in the U.S and one retail store in Canada. The Company offers rental services from selected locations. The
Company also operates one online store, focusing on selling E-motorcycles, E-bikes, and E-scooters. The Company plans to open another
online store focusing on selling gas bikes in the future.

The Company’s business was initially operated
under Catate Inc. (“Ctate”), a corporation formed under the laws of the State of New York in 2018. Before merging with Fly
E-Bike, Ctate owned 27 companies, each of which operated a Fly E-Bike store. On September 12, 2022, Ctate and Fly E-Bike, which was a
wholly-owned subsidiary of Ctate, entered into an Agreement and Plan of Merger, pursuant to which Ct