Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 190

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 190
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 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 plans to adopt the provisions of this guidance 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 unaudited condensed consolidated balance sheets, statements of operations and comprehensive loss and statements of cash flows.

3 - INVENTORIES, NET

Inventories, net consisted of the following:

|                    |     |   | December 31, 
         2024 |   |     |   | March 31, 
      2024 |   |
|:-------------------|:----|:--|-------------:|:--|:----|:--|----------:|:--|
| Batteries          |     | $ |    2,893,576 |   |     | $ | 1,009,228 |   |
| Electric Vehicles  |     |   |    4,665,639 |   |     |   | 2,634,643 |   |
| Tires              |     |   |      608,145 |   |     |   |   687,927 |   |
| Accessories        |     |   |    1,374,298 |   |     |   | 1,546,283 |   |
| Inventories        |     |   |    9,541,658 |   |     |   | 5,878,081 |   |
| Inventory reserves |     |   |     (936,030 | ) |     |   |  (514,021 | ) |
| Inventories, net   |     | $ |    8,605,628 |   |     | $ | 5,364,060 |   |

Movements of inventory reserves are as follows:

|                   |     |   | December 31, 
         2024 |   |     |   | December 31, 
         2023 |   |
|