Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 244

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 2
Chunk 244
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  December 31, 

    2024  
    2023 
  
    Net Cash (Used in) Provided by Operating Activities 
    $(9,413,989) 
    $1,743,987 
  
    Net Cash Used in Investing Activities 
     (2,836,671) 
     (963,304)
  
    Net Cash Provided by Financing Activities 
     12,233,936  
     30,550 
  
    Net Change in Cash 
    $(16,724) 
    $811,233 

Operating Activities

Net cash used in operating activities for the
nine months ended December 31, 2024 was $9.4 million, which was due to net loss of $2.0 million, a decrease in tax payable of
$1.5 million, and a decrease in accrued expenses and other payables of $0.5 million, an increase in inventories of $4.0 million,
a decrease in account payable of $0.1 million, a decrease in operating lease liabilities of $2.3 million, and an increase in prepayments
and other receivables of $1.8 million, partially offset by amortization of right-of-use assets of $2.4 million and a decrease in
accounts receivables-related parties of $0.2 million.

Net cash provided by operating activities for
the nine months ended December 31, 2023 was $1.7 million, which was mainly comprised of net income of $1.2 million, an increase in accounts
payable of $2.3 million, a noncash item of amortization of right-of-use assets of $1.7 million, offset by an increase in inventories of
$1.8 million and a decrease in operating lease liabilities of $1.7 million.

Investing Activities

Net
cash used in investing activities was $2.8 million for the nine months ended December 31, 2024, which was due to purchase of
properties and equipment  of $1.6 million, purchase of GO FLY
App from a related party of $0.5 million, purchase of software from a related party of $0.9 million, the advance to a related
party of $0.5 million, and partially offset by the repayment from a related party of $0.7 million.

Net cash used in investing activities was $1.0