Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 426

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1B
Chunk 426
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 the disposal group is generally probable of being completed within one year. Management
performs an assessment at least quarterly or when events or changes in business circumstances indicate that a change in classification
may be necessary.

F-18

Assets and liabilities held for sale are presented
separately within the consolidated balance sheets with any adjustments necessary to measure the disposal group at the lower of its carrying
value or fair value less costs to sell. For each period the disposal group remains classified as held for sale, its recoverability is
reassessed, and any necessary adjustments are made to its carrying value.

The Company does not report the results of operations
of a business as discontinued operations as the disposal is not a strategic shift that will have a major effect on its operations and
financial results.

(z) Newly adopted accounting pronouncements

In November 2023, the FASB issued ASU
2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This guidance requires a
public entity to disclose for each reportable segment, on an interim and annual basis, the significant expense categories and
amounts that are regularly provided to the chief operating decision-maker (“CODM”) and included in each reported measure
of a segment’s profit or loss. Additionally, it requires a public entity to disclose the title and position of the individual
or the name of the group or committee identified as the CODM. This guidance is effective for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and the guidance
should be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company
adopted the ASU for the fiscal year ending March 31, 2025 and applied retrospectively to all prior periods presented. The adoption
of this ASU had no material impact on reportable segments identified and had no effect on the Company’s financial position,
results of operations, or cash flows.

(aa) Recent accounting pronouncements not yet
adopted

The Company considers the applicability and impact
of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. Under
the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of
an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards,