Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 17

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 a current portion of contractual obligation of approximately $8.2 million. Management has determined there is substantial
doubt about its ability to continue as a going concern. Management plans to alleviate the going concern risk through (i) equity financing
to support the Company’s working capital; (ii) other available sources of financing (including debt) from banks and other financial
institutions; and (iii) financial support from the Company’s related parties. There is no assurance that the Company will be successful
in implementing the foregoing plans or that additional financing will be available to the Company on commercially reasonable terms, or
at all. The Company’s inability to secure needed financing when required could require material changes to the Company’s business
plans and could have a material adverse effect on the Company’s ability to continue as a going concern and results of operations.
The unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization
of assets and liquidation of liabilities in the normal course of business. The unaudited condensed consolidated financial statements do
not include any adjustments that might result from the outcome of such uncertainties.

9

2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Presentation

The accompanying unaudited condensed consolidated
financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (the
“U.S. GAAP”) and regulations of the Securities Exchange Commission (the “SEC”).   The accompanying
unaudited condensed consolidated financial statements contemplate the realization of assets and the satisfaction of liabilities in the
normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent
on, among other things, the Company’s ability to operate profitably, to generate cash flows from operations, and its ability to
attract investors and to borrow funds on reasonable economic terms. The results of operations for the nine months ended December 31, 2024
are not necessarily indicative of results to be expected for any other interim period or for the full fiscal year ending March 31,
2025. Accordingly, these statements should be read in conjunction with the Company’s audited financial statements and note thereto
as of and for the years ended March 31, 2024 and 2023.

(b) Principles of Consolidation

The unaudited condensed consolidated financial
statements include the financial statements of the Company and its subsidiaries over which