Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 181

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 181
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    Percentage  Change 
  
    (Loss) Income from Operations 
    $(2,006,843) 
    $1,207,888  
    $(3,214,731) 
     (266.1)%
  
    Income Tax (benefit) provision 
     (521,654) 
     731,997  
     (1,253,651) 
     (171.3)%
  
    Depreciation 
     310,910  
     203,788  
     107,122  
     52.6%
  
    Interest Expenses 
     247,550  
     82,150  
     165,400  
     201.3%
  
    Amortization 
     30,831  
     —  
     30,831  
     100.0%
  
    EBITDA 
    $(1,939,206) 
    $2,225,823  
    $(4,165,029) 
     (187.1)%
  
    Percentage of Revenue 
     (9.5)% 
     9.3% 
        
     (18.8)%

Before interest expenses, income tax, depreciation,
and amortization, for the nine months ended December 31, 2024, our net loss was $1.9 million, a change of $4.2 million, compared
to net income of $2.2 million for the nine months ended December 31, 2023, which was mainly attributable to the decrease in revenue,
increase in selling and general and administrative expense described above. The ratio of EBITDA to revenue was negative 9.5% and 9.3%
for the nine months ended December 31, 2024 and 2023, respectively.

Liquidity and Capital Resources

As of December 31, 2024, we had cash of $1.4 million.
We had working capital of $3.0 million and $0.3 million as of December 31, 2024 and March 31, 2024, respectively. We had net loss
of $2.0 million and net income of $1.2 million for the nine months ended December 31, 2024 and 2023, respectively. During the nine
months ended December 31, 2024, net