Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 2765

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 8
Chunk 2765
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Item 8. Financial Statements and Supplementary
Data

The information required
by this item appears beginning on page F-1 of this annual report and is incorporated herein by reference.

Item 9. Changes in and Disagreements with
Accountants on Accounting and Financial Disclosures

Not applicable.

Item 9A. Controls and Procedures

Evaluation
of Disclosure Controls and Procedures

We
maintain disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Disclosure controls
and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us
in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal
executive officer and our principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.  

Our
management, with the participation of our Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of our
disclosure controls and procedures as of March 31, 2025. Based on the evaluation of our disclosure controls and procedures, our Chief
Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of March 31,
2025 due to the material weaknesses in financial reporting as described below.

Management’s
Annual Report on Internal Control over Financial Reporting

In
our 10-K for the year ended March 31, 2025, we identified material weaknesses in our internal control over financial reporting. The material
weaknesses that have been identified in internal control over financial reporting included our lack of (i) sufficient financial reporting
and accounting personnel with appropriate knowledge of generally accepted accounting principles in the United States of America (the
“U.S. GAAP”) and SEC reporting requirements to properly address complex U.S. GAAP accounting issues and to prepare and review
our consolidated financial statements and related disclosures to fulfill U.S. GAAP and SEC financial reporting requirements, (ii) formal
internal control policies and internal independent supervision functions to establish formal risk assessment process and internal control
framework, and (iii) sufficient controls designed and implemented in IT environment and IT general control activities, which are mainly
associated with areas of logical access management, change management, computer operation, service organization management as well as
cyber security management. To remediate the material weaknesses, we have engaged a third party consultant to perform internal review
and assist us to set up more reliable internal control processes. The