Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 14

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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of liabilities in the normal course of business. The unaudited condensed consolidated financial statements do not include any adjustments
that might result from the outcome of such uncertainties.

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 three months ended June 30, 2025 are not necessarily indicative of results to be expected
for any other interim period or for the full fiscal year ending March 31, 2026. 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,
2025 and 2024.

(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 adopted ASU No. 2023-07 (“ASU 2023-07”), Segment
Reporting (Topic 280): Improvements to Reportable Segment Disclosures for the year ended March 31, 2025 and applied it retrospectively
for the prior period presented. The Company’s chief operating decision-makers (“CODM”) (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