Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 2227

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 11
Chunk 2227
---
  
     — 
  
    Unpaid deferred IPO cost 
    $—  
    $225,000 
  
    Deferred IPO cost recognized
    as additional paid-in capital 
    $502,198  
    $— 
  
    Uncollected proceeds from
    disposal of subsidiaries 
    $635,193  
    $— 
  
    Termination of operating
    lease right-of-use assets and operating lease liabilities 
    $(2,473,686) 
    $(2,814,235)
  
    Right-of-use assets obtained
    in exchange for operating lease liabilities 
    $2,490,547  
    $10,771,688 

The accompanying notes are an integral part of
these consolidated financial statements.

F-6

FLY-E GROUP, INC.

Notes to Consolidated Financial Statements

1 — DESCRIPTION OF BUSINESS, ORGANIZATION
AND BASIS OF PRESENTATION

Organization and principal activities

Fly-E Group, Inc. (the “Company” or
“Fly-E Group”) was incorporated under the laws of the State of Delaware on November 1, 2022. The Company has no substantive
operations other than holding all of the issued and outstanding shares of Fly E-Bike Inc. (“Fly E-Bike”) and Fly EV, Inc.
(“Fly EV”). Fly E-Bike and Fly EV were incorporated under the laws of the State of Delaware on August 22, 2022 and November 1,
2022, respectively. Fly EV has no substantive operations. The Company, through its wholly owned subsidiaries, is principally engaged in
designing, installing and selling smart electric bikes (“E-bikes”), electric motorcycles (“E-motorcycles”), electric
scooters (“E-scooters”), and related accessories under the brand name of “Fly E-Bike.” The Company’s principal
operations and geographic markets are mainly in the United States of America (the “U.S.”). During the year ended March
31, 2025, the Company closed four stores in the U.S. As of July 15, 2025, the Company has opened a total of 20 retail stores, including
19 retail stores in the U.S and one retail store in Canada. The Company offers rental services from selected locations.
The Company also operates one online store, focusing on selling E-motorcycles, E-bikes, and E-scooters. The Company plans to open another
online