Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 2275

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 11
Chunk 2275
---
 June 2025, the Company
received $30,000 from the Buyers.

The
disposal of these subsidiaries   were
not considered discontinued operations under ASC 205-20, as their disposal did not represent a strategic shift that had a major effect
on the Company’s operations and financial results.

As of March 31, 2025, the Company had classified
the assets and liabilities of the subsidiaries that were sold on April, 1, 2025 as held for sale in accordance with ASC 360-10. The classification
criteria were met when the management committed to a plan to sell.

Summarized Held for Sale Financial Information

A summary of the carrying amounts of major classes
of assets and liabilities, which are included in assets and liabilities held for sale in the consolidated balance sheet, is as follows:

    March 31,  2025 
  
    ASSETS 

    Cash 
    $61,548 
  
    Inventories, net 
     195,192 
  
    Prepayments and other receivables 
     22,096 
  
    Property and equipment, net 
     154,876 
  
    Security deposits 
     73,025 
  
    Operating lease right-of-use assets 
     1,955,765 
  
    Assets held for sale 
    $2,462,502 

    LIABILITIES 

    Accrued expenses and other payables 
     25,498 
  
    Operating lease liabilities – current 
     319,874 
  
    Operating lease liabilities – non-current 
     1,807,075 
  
    Liabilities held for sale 
     2,152,447 

There was no gain or loss on the sale of subsidiaries:

Total consideration determined: $310,055

Net assets disposed excluded intercompany other
payables: $310,055

Gain on disposal: $nil

F-32

15 — SUBSEQUENT EVENTS   

The Company has evaluated subsequent events after
March 31, 2025, up through July 15, 2025, the date at which the consolidated financial statements
were issued. Except for the events mentioned below, the Company did not identify any subsequent events with material financial impact
on the Company’s consolidated financial statements.

On April 1, 2025, the Company sold three subsidiaries:
FLYEBIKE BROOKLYN INC, FLYMHT659 INC, and