Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 138

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 138
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    March 31,  2024 
  
    Batteries 
    $2,893,576  
    $1,009,228 
  
    Electric Vehicles 
     4,665,639  
     2,634,643 
  
    Tires 
     608,145  
     687,927 
  
    Accessories 
     1,374,298  
     1,546,283 
  
    Inventories 
     9,541,658  
     5,878,081 
  
    Inventory reserves 
     (936,030) 
     (514,021)
  
    Inventories, net 
    $8,605,628  
    $5,364,060 

Movements of inventory reserves are as follows:

    December 31,  2024  
    December 31,  2023 
  
    Beginning balance 
    $514,021  
    $431,363 
  
    Addition 
     678,157  
     287,946 
  
    Write off 
     (256,147) 
     (316,278)
  
    Ending Balance 
    $936,030  
    $403,031 

As of December 31, 2024 and March 31, 2024,
the inventory allowance balance was $936,030 and $514,021, respectively. For the three months ended December 31, 2024 and 2023, the impairment
loss was $347,333 and $128,095, respectively. For the nine months ended December 31, 2024 and 2023, the impairment loss was $678,157
and $287,946, respectively.

4 — PREPAYMENTS AND OTHER RECEIVABLES

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

    December 31,  2024  
    March 31,  2024 
  
    Prepaid rent 
    $70,766  
    $179,792 
  
    Prepayments to vendors 
     1,580,417  
     143,018 
  
    Prepaid iCloud Server 
     —  
     1,747 
  
    Prepaid insurance 
     293,294  
     237,207 
  
    Pre