Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 150

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 150
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, 2024. Early adoption is permitted, and this guidance should be applied prospectively but there is the option to apply it retrospectively. The Company plans to adopt the provisions of this guidance in conjunction with its Form 10-K for the fiscal year ending March 31, 2026. Except as mentioned above, the Company does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the Company’s consolidated balance sheets, statements of income and comprehensive income and statements of cash flows. F-19 (y) Reclassification The Company has reclassified certain prior year amounts to conform to current year presentation. The Company reclassified $ 279,985from inventories reserve to changes in inventories for the year ended March 31, 2023 in the consolidated statement of cash flows. The reclassification had no impact to the Company’s net cash provided by operating activities for the year ended March 31, 2023.

3 - INVENTORIES, NET

Inventories, net consisted of the following:

|                    |     |   | March 31, 
      2024 |   |     |   | March 31, 
      2023 |   |
|:-------------------|:----|:--|----------:|:--|:----|:--|----------:|:--|
| Batteries          |     | $ | 1,009,228 |   |     | $ | 1,370,513 |   |
| Electric Vehicles  |     |   | 2,634,643 |   |     |   | 2,485,573 |   |
| Tires              |     |   |   687,927 |   |     |   |   414,031 |   |
| Accessories        |     |   | 1,546,283 |   |     |   |         - |   |
| Inventories        |     |   | 5,878,081 |   |     |   | 4,270,117 |   |
| Inventory reserves |     |   |  (514,021 | ) |     |   |  (431,363 | ) |
| Inventories, net   |     | $ | 5,364,060 |   |     | $ | 3,838,754 |   |

Movements of inventory reserves are as follows:

|                   |     |   | March 31,