Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 135

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 135
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 any
person and or their immediate family hold 10% or more of the Company’s securities (ii) the Company’s management and/or
their immediate family, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the
Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered
to be a related party transaction when there is a transfer of resources or obligations between related parties. Related parties may be
individuals or corporate entities. Transactions involving related parties cannot be presumed to be carried out on an arm’s length
basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related
parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s
length transactions unless such representations can be substantiated.

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(v) Earnings
(Loss) Per Share

The Company computes earnings per share (“EPS”)
in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is
measured as net income divided by the weighted average common stock outstanding for the period. Diluted EPS takes into account the potential
dilution that could occur if securities or other contracts to issue ordinary shares were exercised and converted into ordinary shares.
Potential shares of common stock that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share)
are excluded from the calculation of diluted EPS.

For
the three and nine months ended December 31, 2024, the Company had potential shares of common stock issuable upon the exercise of the
Representative’s Warrants (as defined below). As the Company incurred losses for the three and nine months ended December 31, 2024,
inclusion of these potential shares of common stock would have reduced the net loss per share. Therefore, these potential shares were
excluded from the calculation of diluted net loss per share.  For
the three and nine months ended December 31, 2024, there were no dilutive shares.

(w) Foreign Currencies Translation

Transactions denominated in currencies other than
the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the