Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 2345

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 12
Chunk 2345
---
 inventory, employee compensation,
depreciation, and intangible asset amortization.” The provisions of this update are effective for annual periods beginning after
December 15, 2026, and interim reporting periods beginning after December 15, 2027, using either a prospective or retrospective approach.
The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

3 — INVENTORIES, NET

Inventories, net consisted of the following:

    March 31,  2025  
    March 31,  2024 
  
    Batteries 
    $2,084,890  
    $1,009,228 
  
    Electric Vehicles 
     3,070,224  
     2,634,643 
  
    Tires 
     482,364  
     687,927 
  
    Accessories 
     1,867,365  
     1,546,283 
  
    Inventories 
     7,504,843  
     5,878,081 
  
    Inventory reserves 
     (1,107,569) 
     (514,021)
  
    Inventories, net 
    $6,397,274  
    $5,364,060 

Movements of inventory reserves are as follows:

    March 31,  2025  
    March 31,  2024 
  
    Beginning balance 
    $514,021  
    $431,363 
  
    Addition 
     870,589  
     456,209 
  
    Write off 
     (277,041) 
     (373,551)
  
    Ending Balance 
    $1,107,569  
    $514,021 

As of March 31, 2025 and 2024, the inventory allowance
balance was $1,107,569 and $514,021, respectively. For the years ended March 31, 2025 and 2024, the impairment loss was $870,589 and $456,209,
respectively.

F-19

4 — PREPAYMENTS AND OTHER RECEIVABLES

Prepayments and other current assets as of March
31, 2025 and 2024 consisted of the following:

    March 31,  2025  
    March 31,  2024 
  
    Prepaid rent 
    $157,