Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 123

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 123
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 result from the outcome of such uncertainties.

9

2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Presentation

The accompanying unaudited condensed consolidated
financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S. (the
“U.S. GAAP”) and regulations of the Securities Exchange Commission (the “SEC”).   The accompanying
unaudited condensed consolidated financial statements contemplate the realization of assets and the satisfaction of liabilities in the
normal course of business. The realization of assets and the satisfaction of liabilities in the normal course of business are dependent
on, among other things, the Company’s ability to operate profitably, to generate cash flows from operations, and its ability to
attract investors and to borrow funds on reasonable economic terms. The results of operations for the nine months ended December 31, 2024
are not necessarily indicative of results to be expected for any other interim period or for the full fiscal year ending March 31,
2025. Accordingly, these statements should be read in conjunction with the Company’s audited financial statements and note thereto
as of and for the years ended March 31, 2024 and 2023.

(b) Principles of Consolidation

The unaudited condensed consolidated financial
statements include the financial statements of the Company and its subsidiaries over which the Company exercises control and, when applicable,
entities for which the Company has a controlling financial interest. All transactions and balances among the Company and its subsidiaries
have been eliminated upon consolidation.

(c) Segment Information

The Company’s chief operating decision-makers
(i.e., chief executive officer and his direct reports) review financial information presented on a consolidated basis, accompanied by
disaggregated information about revenues by different revenues streams for purposes of allocating resources and evaluating financial performance.
The Company and its subsidiaries offer E-bikes, E-motorcycles, E-scooters and other items and services in its stores. The Company’s
retail operating divisions are geographically based, have similar economic characteristics and similar expected long-term financial performance.
Because substantially all of the Company’s long-lived assets and revenues are located in and derived from the U.S., geographical
segments are not presented. The Company’s operating segments are reported in one reportable segment. There are no segment managers
who are held accountable for operations, operating results and plans for levels or components below the consolidated unit level. Based
on qualitative and quantitative criteria established