Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 828

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 3
Chunk 828
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BS 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, 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 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 consolidated financial statements.

3 — INVENTORIES, NET

Inventories, net consisted of the following:

    March 31,  2025  
    March 31,  2024 
  
    Batteries 
    $2,084,890  
    $1,009,228 
  
    Electric Vehicles 
     3,070,224  
     2,634,643 
  
    Tires 
     482,364  
     687,927 
  
    Accessories 
     1,867,365  
     1,