Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 123

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 123
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 which
delays the adoption of these accounting standards until they would apply to private companies.

In December 2023, the FASB issued ASU 2023-09,
“Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This guidance requires a public entity to disclose in
their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more
details about the reconciling items in some categories if the items meet a quantitative threshold. The guidance also requires all entities
to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate
the information by jurisdiction based on a quantitative threshold. This guidance is effective for annual periods beginning after December
15, 2024. Early adoption is permitted, and this guidance should be applied prospectively but there is the option to apply it retrospectively.
The Company is currently evaluating the impact of this guidance on its unaudited condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement – Reporting
Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public
business entities to disclose additional information about specific expense categories in the notes to the financial statements at interim
and annual reporting periods, including purchases of inventory, employee compensation, depreciation, and intangible asset amortization.”
The provisions of this update are effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning
after December 15, 2027, using either a prospective or retrospective approach. The Company is currently evaluating the impact of this
guidance on its unaudited condensed consolidated financial statements.

3 — INVENTORIES, NET

Inventories, net consisted of the following:

    June 30,  2025  
    March 31,  2025 
  
    Batteries 
    $1,803,102  
    $2,084,890 
  
    Electric Vehicles 
     3,059,766  
     3,070,224 
  
    Tires 
     457,548  
     482,364 
  
    Accessories 
     1,812,829  
     1,867,365 
  
    Inventories 
     7,133,245  
     7,504,843