Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 261

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1A
Chunk 261
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5
  
    Zanfeng Zhang

59

FLY-E GROUP, INC.

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

      Page  Report of Independent Registered Public Accounting Firm (PCAOB ID:5395)   F-2  Consolidated Balance Sheets as of March 31, 2025 and 2024   F-3  Consolidated Statements of Operations and Comprehensive (Loss) Income for the Years Ended March 31, 2025 and 2024   F-4  Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended March 31, 2025 and 2024   F-5  Consolidated Statements of Cash Flows for the Years Ended March 31, 2025 and 2024   F-6  Notes to Consolidated Financial Statements   F-7 

F-1

Report
of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

Fly-E Group, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated
balance sheets of Fly-E Group, Inc. (the “Company”) as of March 31, 2025 and 2024, the related consolidated statements of
operations and comprehensive (loss) income, changes in stockholders’ equity and cash flows for each of the years in the two-year
period ended March 31, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion,
the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2025 and 2024,
and the results of its operations and its cash flows for each of the years in the two-year period ended March 31, 2025, in conformity
with accounting principles generally accepted in the United States of America.

Explanatory Paragraph – Going Concern

The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As more fully described in Note 1, the Company has incurred significant
losses and significant cash outflows from operating and investing activities, and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s
plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result
from the outcome of this uncertainty.

Basis for