Cover
Cover - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Jun. 27, 2024 | Sep. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | false | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2024 | ||
Document Fiscal Year Focus | 2024 | ||
Document Fiscal Period Focus | FY | ||
Documents Incorporated by Reference [Text Block] | List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any annual report filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980). None. | ||
Entity Information [Line Items] | |||
Entity Registrant Name | Fly-E Group, Inc. | ||
Entity Central Index Key | 0001975940 | ||
Entity File Number | 001-42122 | ||
Entity Tax Identification Number | 92-0981080 | ||
Entity Incorporation, State or Country Code | DE | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Public Float | $ 0 | ||
Entity Contact Personnel [Line Items] | |||
Entity Address, Address Line One | 136-40 39th Avenue | ||
Entity Address, City or Town | Flushing | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11354 | ||
Entity Phone Fax Numbers [Line Items] | |||
City Area Code | (929) | ||
Local Phone Number | 410-2770 | ||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | FLYE | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 24,587,500 |
Audit Information
Audit Information | 12 Months Ended |
Mar. 31, 2024 | |
Auditor [Table] | |
Auditor Name | Marcum Asia CPAs LLP |
Auditor Firm ID | 5395 |
Auditor Location | New York |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 | |
Current Assets | |||
Cash | $ 1,403,514 | $ 358,894 | |
Accounts receivable | 212,804 | 389,077 | |
Inventories, net | 5,364,060 | 3,838,754 | |
Prepayments and other receivables | 588,660 | 782,819 | |
Prepayments and other receivables – related parties | 240,256 | ||
Total Current Assets | 8,136,208 | 5,506,109 | |
Property and equipment, net | 1,755,022 | 785,285 | |
Security deposits | 781,581 | 424,942 | |
Deferred IPO costs | 502,198 | 75,819 | |
Deferred tax assets, net | 35,199 | 211,100 | |
Operating lease right-of-use assets | 16,000,742 | 10,261,556 | |
Intangible assets, net | 36,384 | ||
Long-term prepayment for property | 450,000 | ||
Long-term prepayment for software development– related parties | 1,279,000 | ||
Total Assets | 28,976,334 | 17,264,811 | |
Current Liabilities | |||
Accounts payable | 1,180,796 | 1,005,401 | |
Current portion of long-term loan payables | 1,213,242 | 412,224 | |
Accrued expenses and other payables | 925,389 | 365,662 | |
Operating lease liabilities – current | 2,852,744 | 1,836,737 | |
Taxes payable | 1,530,416 | 959,456 | |
Total Current Liabilities | 7,794,816 | 4,911,961 | |
Long-term loan payables | 412,817 | 723,228 | |
Long-term loan payables – related parties | 150,000 | ||
Operating lease liabilities – non-current | 13,986,879 | 8,979,193 | |
Total Liabilities | 22,194,512 | 14,764,382 | |
Commitment and Contingencies | |||
Stockholders’ Equity | |||
Preferred stock, $0.01 par value, 4,400,000 shares authorized and nil outstanding as of March 31, 2024 and March 31, 2023* | [1] | ||
Common stock, $0.01 par value, 44,000,000 shares authorized and 22,000,000 shares outstanding as of March 31, 2024 and March 31, 2023* | [1] | 220,000 | 220,000 |
Additional Paid-in Capital | 2,400,000 | ||
Shares Subscription Receivable | (219,998) | (219,998) | |
Retained Earnings | 4,395,649 | 2,500,427 | |
Accumulated other comprehensive loss | (13,829) | ||
Total FLY-E Group, Inc. Stockholders’ Equity | 6,781,822 | 2,500,429 | |
Total Liabilities and Stockholders’ Equity | 28,976,334 | 17,264,811 | |
Related Parties | |||
Current Assets | |||
Accounts receivable – related parties | 326,914 | 136,565 | |
Current Liabilities | |||
Other payables – related parties | $ 92,229 | $ 332,481 | |
[1]Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance on December 21, 2022 and to give effect to the stock split completed on April 2, 2024. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value (in Dollars per share) | [1] | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | [1] | 4,400,000 | 4,400,000 |
Preferred stock, shares outstanding | [1] | ||
Common stock, par value (in Dollars per share) | [1] | $ 0.01 | $ 0.01 |
Common stock, shares authorized | [1] | 44,000,000 | 44,000,000 |
Common stock, shares outstanding | [1] | 22,000,000 | 22,000,000 |
[1]Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance on December 21, 2022 and to give effect to the stock split completed on April 2, 2024. |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Income Statement [Abstract] | |||
Revenues | $ 32,205,666 | $ 21,774,937 | |
Cost of Revenues | 19,099,120 | 13,485,405 | |
Gross Profit | 13,106,546 | 8,289,532 | |
Operating Expenses | |||
Selling Expenses | 5,914,786 | 3,667,227 | |
General and Administrative Expenses | 3,931,203 | 2,309,927 | |
Total Operating Expenses | 9,845,989 | 5,977,154 | |
Income from Operations | 3,260,557 | 2,312,378 | |
Other Expenses, net | (30,352) | (11,524) | |
Interest Expenses, net | (152,050) | (100,387) | |
Income Before Income Taxes | 3,078,155 | 2,200,467 | |
Income Tax Expense | (1,182,933) | (821,896) | |
Net Income | 1,895,222 | 1,378,571 | |
Other Comprehensive Income (Loss) | |||
Foreign currency translation adjustment | (13,829) | ||
Total Comprehensive Income | $ 1,881,393 | $ 1,378,571 | |
Earnings per Share (in Dollars per share) | [1] | $ 0.09 | $ 0.06 |
Weighted Average Number of Common Stock | |||
Basic (in Shares) | [1] | 22,000,000 | 22,000,000 |
[1]Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance on December 21, 2022 and to give effect to the stock split completed on April 2, 2024. |
Consolidated Statements of In_2
Consolidated Statements of Income and Comprehensive Income (Parentheticals) - shares | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Income Statement [Abstract] | |||
Diluted | [1] | 22,000,000 | 22,000,000 |
[1]Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance on December 21, 2022 and to give effect to the stock split completed on April 2, 2024. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders’ Equity - USD ($) | Preferred Stock | Common Stock | Additional Paid-in Capital | Shares Subscription Receivables | Accumulated Other Comprehensive | Retained Earnings | Total | |
Balance at Mar. 31, 2022 | $ 220,000 | $ (219,998) | $ 1,121,856 | $ 1,121,858 | ||||
Balance (in Shares) at Mar. 31, 2022 | [1] | 22,000,000 | ||||||
Net Income | 1,378,571 | 1,378,571 | ||||||
Balance at Mar. 31, 2023 | $ 220,000 | (219,998) | 2,500,427 | 2,500,429 | ||||
Balance (in Shares) at Mar. 31, 2023 | [1] | 22,000,000 | ||||||
Net Income | 1,895,222 | 1,895,222 | ||||||
Capital contributions | 2,400,000 | 2,400,000 | ||||||
Foreign currency translation adjustment | (13,829) | (13,829) | ||||||
Balance at Mar. 31, 2024 | $ 220,000 | $ 2,400,000 | $ (219,998) | $ (13,829) | $ 4,395,649 | $ 6,781,822 | ||
Balance (in Shares) at Mar. 31, 2024 | [1] | 22,000,000 | ||||||
[1]Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance on December 21, 2022 and to give effect to the stock split completed on April 2, 2024. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net income | $ 1,895,222 | $ 1,378,571 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss on disposal of property, and equipment | 46,084 | |
Depreciation expense | 272,708 | 145,783 |
Amortization expense | 1,648 | |
Deferred income taxes expenses | 176,093 | 448,800 |
Amortization of operating lease right-of-use assets | 2,277,910 | 1,905,028 |
Loss from termination of operating lease | 5,957 | |
Inventories reserve | 456,209 | 151,378 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 176,273 | (334,752) |
Accounts receivable – related parties | (190,349) | (136,565) |
Inventories | (1,981,515) | 615,394 |
Prepayments and other receivables | 194,160 | (637,630) |
Prepayments for operation services to related parties | (60,000) | |
Security deposits | (422,240) | (130,680) |
Accounts payable | 2,489,025 | (70,928) |
Accrued expenses and other payables | 334,726 | (105,097) |
Operating lease liabilities | (1,933,760) | (1,697,190) |
Taxes payable | 570,769 | 225,027 |
Net cash provided by operating activities | 4,308,920 | 1,757,139 |
Cash flows from investing activities | ||
Purchases of equipment | (1,253,555) | (442,915) |
Purchases of property rights | (38,032) | |
Prepayments for property | (450,000) | |
Prepayment for purchasing software from a related party | (1,279,000) | |
Payment received from a related party | 111,500 | |
Advance to a related party | (291,756) | |
Net cash used in investing activities | (3,200,843) | (442,915) |
Cash flows from financing activities | ||
Borrowing from loan payables | 1,095,000 | 1,500,000 |
Repayments of loan payables | (639,367) | (278,222) |
Repayments on other payables - related parties | (290,252) | (2,496,323) |
Payments of related party loan | (150,000) | |
Deferred IPO Cost | (201,379) | (75,819) |
Capital contributions from Stockholders | 136,370 | |
Net cash used in financing activities | (49,628) | (1,350,364) |
Net changes in cash | 1,058,449 | (36,140) |
Effect of exchange rate changes on cash | (13,829) | |
Cash at beginning of the year | 358,894 | 395,034 |
Cash at the end of the year | 1,403,514 | 358,894 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest expense | 152,050 | 100,341 |
Cash paid for income taxes | 435,881 | 148,064 |
Supplemental disclosure of non-cash investing and financing activities | ||
Settlement of accounts payable by related parties | 50,000 | |
Settlement of accounts payable by capital contribution | 2,263,630 | |
Purchase of vehicle funded by loan | 34,974 | |
Unpaid deferred IPO cost | 225,000 | 11,717 |
Termination of operating lease right-of-use assets and operating lease liabilities | (2,814,235) | |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 10,771,688 | $ 4,082,664 |
Description of Business, Organi
Description of Business, Organization and Basis of Presentation | 12 Months Ended |
Mar. 31, 2024 | |
Description of Business, Organization and Basis of Presentation [Abstract] | |
DESCRIPTION OF BUSINESS, ORGANIZATION AND BASIS OF PRESENTATION | 1 — DESCRIPTION OF BUSINESS, ORGANIZATION AND BASIS OF PRESENTATION Organization and principal activities Fly-E Group, Inc. (the “Company” or “Fly-E Group”) was incorporated under the laws of the State of Delaware on November 1, 2022. The Company has no substantive operations other than holding all of the issued and outstanding shares of Fly E-Bike Inc. (“Fly E-Bike”) and Fly EV, Inc. (“Fly EV”). Fly E-Bike and Fly EV were incorporated under the laws of the State of Delaware on August 22, 2022 and November 1, 2022, respectively. Fly EV has no substantive operations. The Company, through its wholly owned subsidiaries, is principally engaged in designing, installing and selling smart electric bikes (“E-bikes”), electric motorcycles (“E-motorcycles”), electric scooters (“E-scooters”), and related accessories under the brand name of “Fly E-Bike.” The Company’s principal operations and geographic markets are mainly in the United States of America (the “U.S.”). As of June 27, 2024, the Company has opened a total of 40 stores, including 39 stores in the U.S and one store in Canada. The Company also operates one online store, focusing on selling E-motorcycles, E-bikes, and E-scooters. The Company plans to open another online store focusing on selling gas bikes in the future. The Company’s business was initially operated under CTATE INC. (“Ctate”), a corporation formed under the laws of the State of New York in 2018. Before merging with Fly E-Bike, Ctate owned 27 companies, each of which operated a Fly E-Bike store. On September 12, 2022, Ctate and Fly E-Bike, which was a wholly-owned subsidiary of Ctate, entered into an Agreement and Plan of Merger, pursuant to which Ctate merged into and with Fly E-Bike, with Fly E-Bike being the surviving corporation (the “Merger”). As a result of the Merger, the original shareholders of Ctate became the stockholders of Fly E-Bike and subsequently effectively controlled the combined entity. On December 21, 2022, Fly-E Group and Fly E-Bike entered into a Share Exchange Agreement, pursuant to which Fly-E Group acquired all of the issued and outstanding shares of Fly E-Bike by issuing its shares to the stockholders of Fly E-Bike on a one-for-one basis (the “Share Exchange”). As a result of the Share Exchange, Fly E-Bike became a wholly owned subsidiary of Fly-E Group. As a result of the Merger and the Share Exchange, Fly E-Bike and its subsidiaries are under common control of Fly-E Group, resulting in the consolidation of Fly E-Bike and its subsidiaries, which was accounted as a reorganization of entities under common control at carrying value. The consolidated financial statements are prepared on the basis as if the reorganization became effective as of the beginning of the first period presented in the consolidated financial statements of Fly-E Group. The consolidated financial statements include the financial statements of the Company and each of the following subsidiaries as of March 31, 2024. Name Background Ownership FLY-E GROUP, INC. ● A Delaware corporation ● Incorporated on November 1, 2022 ● A holding company Parent Company FLY EV, INC. ● A Delaware corporation ● Incorporated on November 1, 2022 ● A holding Company 100% owned by Fly-E Group, Inc. FLY E-BIKE, INC. ● A Delaware Company ● Incorporated on August 22, 2022 ● A holding Company 100% owned by Fly-E Group, Inc. UNIVERSE KING CORP ● A New York corporation ● Incorporated on November 19, 2018 ● A retail store 100% owned by Fly E-Bike, Inc. UFOTS CORP. ● A New York corporation ● Incorporated on May 2, 2019 ● A retail store 100% owned by Fly E-Bike, Inc. ARFY CORP. ● A New York corporation ● Incorporated on April 29, 2020 ● A retail store 100% owned by Fly E-Bike, Inc. TKPGO CORP. ● A New York corporation ● Incorporated on July 3, 2018 ● A retail store 100% owned by Fly E-Bike, Inc. FLYFLS INC ● A New York corporation ● Incorporated on October 13, 2020 ● A retail store and corporate office 100% owned by Fly E-Bike, Inc. FLY37 INC ● A New York corporation ● Incorporated on October 14, 2020 ● A retail store 100% owned by Fly E-Bike, Inc. FIYET INC ● A New York corporation ● Incorporated on November 12, 2020 ● A retail store 100% owned by Fly E-Bike, Inc. FLY GC INC. ● A New York corporation ● Incorporated on November 13, 2020 ● A retail store 100% owned by Fly E-Bike, Inc. FLY MHT INC. ● A New York corporation ● Incorporated on December 15, 2020 ● A retail store 100% owned by Fly E-Bike, Inc. FLYAM INC ● A New York corporation ● Incorporated on February 19, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. OFLYO INC ● A New York corporation ● Incorporated on March 29, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. FLYEBIKE INC ● A New York corporation ● Incorporated on March 30, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. FLYCLB INC ● A New York corporation ● Incorporated on April 15, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. FLYEBIKE NJ INC ● A New Jersey corporation ● Incorporated on June 8, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. ESEBIKE INC ● A New York corporation ● Incorporated on October 13, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. FLYEBIKEMIAMI INC ● A Florida corporation ● Incorporated on June 30, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. GOFLY INC ● A Texas corporation ● Incorporated on July 23, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. FLY14 CORP. ● A New York corporation ● Incorporated on September 15, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. EDISONEBIKE INC. ● A New York corporation ● Incorporated on October 13, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. FLYTRON INC. ● A New York corporation ● Incorporated on November 9, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. FLYCYCLE INC. ● A New York corporation ● Incorporated on January 10, 2022 ● A retail store 100% owned by Fly E-Bike, Inc. FLYNJ2 INC. ● A New Jersey corporation ● Incorporated on February 10, 2022 ● A retail store 100% owned by Fly E-Bike, Inc. FLYBWY INC. ● A New York corporation ● Incorporated on March 2, 2022 ● A retail store 100% owned by Fly E-Bike, Inc. FLYCORONA INC. ● A New York corporation ● Incorporated on March 9, 2022 ● A retail store 100% owned by Fly E-Bike, Inc. MEEBIKE ● A New York corporation ● Incorporated on March 25, 2022 ● A retail store 100% owned by Fly E-Bike, Inc. FLY6AVE, INC. ● A New York corporation ● Incorporated on April 16, 2022 ● A retail store 100% owned by Fly E-Bike, Inc. FLY E BIKE NJ3, INC ● A New Jersey corporation ● Incorporated on July 18, 2022 ● A retail store 100% owned by Fly E-Bike, Inc. FLYEBIKE BROOKLYN, INC. ● A New York corporation ● Incorporated on November 2, 2022 ● A retail store 100% owned by Fly E-Bike, Inc. FLY E-BIKE SAN ANTONIO INC ● A Texas corporation ● Incorporated on January 1, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYEBIKE WORLD INC. ● A New York corporation ● Incorporated on February 27, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLY DELIVERY INC. ● A New York corporation ● Incorporated on March 2, 2023 ● A delivery store 100% owned by Fly E-Bike, Inc. FLYEBIKE MIAMI2 INC. ● A Florida corporation ● Incorporated on April 13, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYDC INC. ● A Washington, DC corporation ● Incorporated on May 31, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYMHT659 INC. ● A New York corporation ● Incorporated on June 2, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYBX745 INC. ● A New York corporation ● Incorporated on June 15, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYJH8509 INC. ● A New York corporation ● Incorporated on August 30, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYBX2381 INC. ● A New York corporation ● Incorporated on August 30, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYNJ4 INC. ● A New York corporation ● Incorporated on October 4, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYTORONTO Corp. ● A Toronto corporation ● Incorporated on October 18, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYLA INC. ● A California corporation ● Incorporated on December 1, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. Liquidity As of March 31, 2024, the Company had working capital of approximately $0.34 million and cash of approximately $1.4 million. The Company had net income of approximately $1.9 million and $1.4 million for the years ended March 31, 2024 and 2023, respectively. On June 7, 2024, the Company closed the IPO of 2,250,000 shares of the common stock at the price of $4.00 per share, resulting in net proceeds to the Company of $7.9 million after deducting underwriting discounts and commissions and offering expenses. On June 25, 2024, the Company sold an additional 337,500 shares of common stock to the underwriters of the IPO for gross proceeds of $1.4 million upon full exercise of the underwriters’ over-allotment option and received net proceeds of approximately $1.2 million. The management plans to increase the Company’s revenue by strengthening its sales force, providing attractive sales incentive programs, and increasing marketing and promotion activities. The working capital requirements are affected by the efficiency of operations and depend on the Company’s ability to increase its revenue. The Company anticipates that it will continue to generate net income for the foreseeable future and believes that its cash on hand and operating cash flows will be sufficient to fund its operations over at least the next 12 months from the date of issuance of these consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2 — SUMMARY OF SIGNIFICANT ACCOUNTING (a) Basis of Presentation The accompanying 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”). (b) Principles of Consolidation The 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 by Accounting Standards Codification (“ASC”) 280, “Segment Reporting”, the Company considers itself to be operating within one reportable segment. (d) Use of Estimates In the application of the Company’s accounting policies, management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Significant accounting estimates include, but not limited to, useful lives of depreciable property and equipment, impairment of long-lived assets, the realization of deferred income tax assets, allowance for inventories, and discount rate for operating leases. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. (e) Commitments and Contingencies In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. (f) Cash Cash consists of cash on hand and cash deposited with banks. The Company’s cash is maintained at financial institutions in the U.S. Deposits in these financial institutions may, from time to time, exceed the Federal Deposit Insurance Corporation’s (the “FDIC”) federally insured limit, which is $250,000. The Company has not incurred any losses in the past for amount over the FDIC limits. As of March 31, 2024 and 2023, no balance deposited with banks was uninsured. (g) Accounts Receivable Accounts receivable includes trade account due from customers. Accounts receivable is recorded at the invoiced amount less an allowance for any uncollectible accounts and does not bear interest, which is due after 30 to 90 days, depending on the credit term with the customers. Management considers the following factors when determining the collectability of specific accounts: historical experience, credit worthiness of the clients, aging of the receivables and other specific circumstances related to the accounts. An allowance for doubtful accounts is made and recorded into general and administrative expenses based on the aging of accounts receivable and on any specifically identified accounts receivable that may become uncollectible. Accounts receivable which is deemed to be uncollectible is charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. No allowance for doubtful accounts as of March 31, 2024 and 2023 was recorded. On April 1, 2023, the Company adopted ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement on Credit Losses on Financial Instruments”, including certain subsequent amendments, transitional guidance and other interpretive guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11, ASU 2020-02 and ASU 2020-03 (collectively, including ASU 2016-13, “ASC 326”). ASC 326 introduces an approach based on expected losses to estimate the allowance for doubtful accounts, replacing the previous incurred loss impairment model, which makes allowances when there is substantial doubt as to the collectability and a loss is determined to be probable. The Company adopt the current expected credit loss model (“CECL model”) to estimate the expected credit losses, which is determined by multiplying the probability of default. In determining the probability of default, the Company mainly considers factors such as aging schedule of receivables, migration rate of receivables, assessment of receivables due from specific identifiable counterparties that are considered at risk or uncollectible, current market conditions, as well as reasonable and supportable forecasts of future economic conditions. The Company concludes that there is no impact over the initial adoption of CECL model, which should be treated as cumulative-effect adjustment on retained earnings as of March 31, 2023. There was nil nil (h) Inventories, Net Inventories, consisting of products available for sale, are stated at the lower of cost or net realizable value using the first-in-first-out method. Adjustments to the carrying value are recorded for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions. Inventory cost consists of the direct cost of merchandise including freight. For the years ended March 31, 2024 and 2023, the impairment loss was $456,209 and $151,378, respectively. (i) Prepayments and Other Receivables Prepayments and other receivables are mainly prepayments to vendors, prepaid expenses paid to service providers, prepaid taxes, advances to employees, and other deposits. Management regularly reviews the aging of such balances and changes in payment and realization trends and records allowances when management believes that the collection of amounts due is at risk. Accounts considered uncollectable are written off against allowances after exhaustive efforts at collection are made. As of March 31, 2024 and 2023, no allowance against prepayments and other receivables was recorded. (j) Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and any recorded impairment. The estimated useful lives are as follows: Machinery and equipment 5 years Furniture and fixtures 5 years Leasehold improvements 3 – 10 years (shorter of lease term or useful lives) Motor vehicles 5 years Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets. The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of operations. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals, and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives. Construction in progress Direct costs that are related to the construction of property, equipment and software and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property, equipment and software items and the depreciation of these assets commences when the assets are ready for their intended use. In December 2023, the Company engaged DF Technology US Inc (“DFT”), a related party, for certain technology services, such as enterprise resource planning system (“ERP system”). As of March 31, 2024, construction in progress was $275,000 and primarily relating to the cost incurred to develop the software from DFT. (k) Definite-Lived Intangible Assets The Company owns property rights of certain technologies and designs that relate to the Underwriter Laboratories certificates issued for its products. The Company capitalizes the costs associated with design, development, acquisition and maintenance of its acquired property rights and amortizes these assets over their remaining useful lives on a straight-line basis. Any further payments made to maintain or develop the property rights would be capitalized and amortized over the balance of the useful life for the property rights. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in the estimate being accounted for on a prospective basis. The estimated useful lives of intangibles assets are as follows: Property rights 5-20 years (l) Impairment of Long-lived Assets At the end of each reporting period, the Company reviews the carrying amounts of its property, plant and equipment, intangible assets subject to amortization, and right-of-use assets, to determine whether there is any indication that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of March 31, 2024 and 2023, no (m) Deferred IPO Costs The Company complies with the requirements of FASB ASC Topic 340-10-S99-1, “Other Assets and Deferred Costs — SEC Materials” (“ASC 340-10-S99”) and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering”. Deferred IPO costs consist of underwriting, legal, accounting and other professional expenses incurred through the balance sheet date that are directly related to the initial public offering of the Company and that will be charged to additional paid in capital upon the completion of the offering. (n) Fair Value Measurements Fair value is defined as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. When determining the fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which it would transact and consider assumptions that market participants would use when pricing the asset or liability. The following summarizes the three levels of inputs required to measure fair value, of which the first two are considered observable and the third is considered unobservable: Level-1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level-2 — Include other inputs that are directly or indirectly observable in the marketplace. Level-3 — Unobservable inputs which are supported by little or no market activity. The fair value for certain assets and liabilities such as cash, accounts receivable, other receivables, prepayments and other current assets, short-term loans, accounts payable, contract liabilities, accrued expenses and other payables, and tax payables have been determined to approximate carrying amounts due to the short maturities of these instruments. The Company believes that its long-term loan to a third party approximates the fair value based on current yields for debt instruments with similar terms. The Company and its subsidiaries did not have any non-financial assets or liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and 2023. (o) Revenue Recognition The Company follows the revenue accounting requirements of Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. The core principle underlying the revenue recognition of this ASC allows the Company to recognize revenue that represents the transfer of products and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of products and services transfers to a customer. To achieve that core principle, the Company applies a five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. Product revenue — Performance obligation satisfied at point in time The Company generates substantially all its revenues from sales of products such as smart E-bikes, E-motorcycles, E-scooters and accessories to the retail and wholesale customers through its wholly owned subsidiaries stores. In accordance with ASC 606, the Company’s performance obligations are satisfied upon the control of products being passed to the customer, which is the point in time that the customers are able to direct the use of and obtain substantially all of the economic benefit of the products or services. The transfer of control typically occurs at a point in time based on consideration of when the customer has an obligation to pay for the products, and physical possession of, legal title to, and the risks and rewards of ownership of the products have been transferred, and the customer has accepted the products. Revenue is recognized net of estimates of variable consideration, including product returns, customer discounts and allowance. which occurs at the point of sale, or the services have been rendered. Historically, the Company has not experienced any significant returns nor provided significant customer discounts. The Company offers an assurance-type warranty to its customers. An assurance-type warranty guarantees that the product will perform as promised and is not a performance obligation. This type of warranty promises to repair or replace a delivered good or service if it does not perform as expected. Since an assurance-type warranty guarantees the functionality of a product, the warranty is not accounted for as a separate performance obligation, and thus no transaction price is allocated to it. Rather, to account for an assurance-type warranty the vendor should estimate and accrue a warranty liability when the promised good or service is delivered to the customer (see ASC 460-10). Since the contract price and term are fixed and enforceable, and an assurance-type warranty guarantees the functionality of a product, and the warranty is not accounted for as a separate performance obligation, no transaction price is allocated to it. The Company recognizes sales in full at the point in time when the products are delivered or accepted by the customers, in accordance with the acceptance term specified in the contract. The Company records estimated future warranty costs under ASC 460. Such estimated costs for warranties are estimated at the time of delivery and these warranties are not service warranties separately sold by the Company. Generally, the estimated claim rates of warranty are based on actual warranty experience or the Company’s best estimate. The Company accrued $27,714 and $22,056 of warranty reserves under accrued expenses and other payables as of March 31, 2024 and 2023, respectively. The Company has no contract assets and contract liabilities balances as of March 31, 2024 and 2023, respectively. Disaggregated information of revenues by business lines are as follows: For the Years Ended 2024 2023 Revenues-retail $ 26,389,720 $ 18,844,921 Revenues-wholesale 5,815,946 2,930,016 Net revenues $ 32,205,666 $ 21,774,937 (p) Selling Expenses Selling expenses mainly consist of advertising costs, marketing referring expenses and payroll and related expenses for personnel engaged in selling and marketing activities. Advertising expenses, which consist primarily of online and offline advertisements, are expenses when the services are received. The advertising expenses were $64,423 and $49,420 for the years ended March 31, 2024 and 2023, respectively. (q) Software Development Costs ASC Topic 985-20, Software — Costs of Software to Be Sold, Leased, or Marketed, requires companies to expense software development costs as they incur them until technological feasibility has been established, at which time those costs are capitalized until the product is available for general release to customers. The development of the Fly E-Bike app is still in its preliminary stage and the development of core functions has not yet been completed. As a result, the Company expensed the development costs of the Fly E-Bike app as they incurred. For the years ended March 31, 2024 and 2023, development costs amounted to $7,460 and $80,040, respectively, which were recorded under general and administrative expenses. (r) Income Taxes Current income taxes are provided based on net income/(loss) for financial reporting purposes and adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets (the “DTAs”) are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. DTAs are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the DTAs will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The tax returns filed in 2018 to 2023 are subject to examination by any appropriate tax authorities. For the year ended March 31, 2024, the Company accrued $60,487 income tax related penalty included in taxes payable in the consolidated balance sheets. For the year ended March 31, 2023, no penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. (s) Leases The Company accounts for leases in accordance with ASC 842. The Company leases premises for offices, warehouses, and retail stores under non-cancellable operating leases. The Company recognizes right-of-use assets and lease liabilities for all leases at the commencement date of a lease, except for short-term leases and low-value asset leases accounted for applying a recognition exemption where lease payments are recognized as expenses on a straight-line basis over the lease terms. Leases with an initial term of 12 months or less are short-term leases and not recognized as operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheets. The Company recognizes lease expense for short-term leases on a straight-line basis over the lease term. Right-of-use assets are initially measured at cost, which comprises the initial measurement of lease liabilities adjusted for lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs needed to restore the underlying assets, and less any lease incentives received. Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses and adjusted for any remeasurement of the lease liabilities. Right-of-use assets are presented on a separate line in the consolidated balance sheets. Right-of-use assets are depreciated using the straight-line method from the commencement dates to the earlier of the end of the useful lives of the right-of-use assets or the end of the lease terms. Lease liabilities are initially measured at the present value of the lease payments, which comprise fixed payments, in-substance fixed payments, variable lease payments which depend on an index or a rate. The lease payments are discounted using the interest rate implicit in a lease if that rate can be readily determined. If that rate cannot be readily determined, the Company uses the lessee’s incremental borrowing rate. Subsequently, lease liabilities are measured at amortized cost using the effective interest method, with interest expense recognized over the lease terms. When there is a change in a lease term or a change in future lease payments resulting from a change in an index or a rate used to determine those payments, the Company remeasures the lease liabilities with a corresponding adjustment to the right-of-use-assets. However, if the carrying amount of the right-of-use assets is reduced to zero, any remaining amount of the remeasurement is recognized in profit or loss. Lease liabilities are presented on a separate line in the consolidated balance sheets. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the periods in which they are incurred. (t) Concentration Risk Concentration of customers and suppliers No customers individually represented greater than 10% of total net revenues of the Company for the years ended March 31, 2024 and 2023. For the year ended March 31, 2024, the Company’s top three suppliers represented 36%, 21% and 13% of total purchases of the Company, respectively. For the year ended March 31, 2023, the Company’s top three suppliers represented 33%, 21% and 12% of total purchase of the Company respectively. As of March 31, 2024, three suppliers accounted for 31%, 26%, and 23% of accounts payable balance, respectively. As of March 31, 2023, three suppliers accounted for 55%, 27% and 11% of accounts payable balance, respectively. Concentration of credit risk Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its account receivable is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends, and other information. Historically, the Company did not have any bad debt on its account receivable. Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash and cash equivalents, term deposits, restricted cash, short-term investments, and accounts receivable, net. The Company’s investment policy requires cash and cash equivalents, term deposits, restricted cash, and short-term investments to be placed with high-quality financial institutions and to limit the amount of credit risk from any one issuer. The Company regularly evaluates the credit standing of the counterparties or financial institutions. (u) Related Parties A related party is generally defined as (i) any person and or their immediate family hold 10% or more of the Company’s securities (ii) the Company’s management and/or their immediate family, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related parties may be individuals or corporate entities. Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s length transactions unless such representations can be substantiated. (v) Earnings Per Share The Company computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common stock outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential common stock (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential shares of common stock that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended March 31, 2024 and 2023, there were no dilutive shares. (w) Foreign Currencies Translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The reporting currency of the Company is United States Dollar ($). The Company’s subsidiary in Canada maintains its books and records in its local currency, Canadian dollar (CAD), which is the functional currency for this subsidiary as it is the primary currency of the economic environment in which this entity operates. In general, for consolidation purposes, assets and liabilities of subsidiaries whose functional currency is not United States Dollar are translated into United States Dollar in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. (x) Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This guidance requires a public entity to disclose for each reportable segment, on an interim and annual basis, the significant expense categories and amounts that are regularly provided to the chief operating decision-maker (“CODM”) and included in each reported measure of a segment’s profit or loss. Additionally, it requires a public entity to disclose the title and position of the individual or the name of the group or committee identified as the CODM. This guidance is effective for fiscal years beginning after December 31, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the guidance should be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company plans to adopt the provisions of this guidance in conjunction with its Form 10-K for the fiscal year ending March 31, 2025. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This guidance requires a public entity to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if 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 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. (y) Reclassification The Company has reclassified certain prior year amounts to conform to current year presentation. The Company reclassified $279,985 from inventories reserve to changes in inventories for the year ended March 31, 2023 in the consolidated statem |
Inventories, Net
Inventories, Net | 12 Months Ended |
Mar. 31, 2024 | |
Inventories, Net [Abstract] | |
INVENTORIES, NET | 3 — INVENTORIES, NET Inventories, net consisted of the following: March 31, March 31, 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, March 31, Beginning balance $ 431,363 $ 279,985 Addition 456,209 151,378 Write off (373,551 ) — Ending Balance $ 514,021 $ 431,363 As of March 31, 2024 and 2023, the inventory allowance balance was $514,021 and $431,363, respectively. For the years ended March 31, 2024 and 2023, the impairment loss was $456,209 and $151,378, respectively. |
Prepayments and Other Receivabl
Prepayments and Other Receivables | 12 Months Ended |
Mar. 31, 2024 | |
Prepayments and Other Receivables [Abstract] | |
PREPAYMENTS AND OTHER RECEIVABLES | 4 — PREPAYMENTS AND OTHER RECEIVABLES Prepayments and other current assets as of March 31, 2024 and 2023 consisted of the following: March 31, March 31, Prepaid rent $ 179,792 $ 26,332 Prepayments to vendors 143,018 647,746 Prepaid iCloud Server 1,747 — Prepayments to DMV — 500 Prepaid insurance 237,207 108,241 Prepayments to other service providers 26,896 — Total Prepayment and Other Receivables $ 588,660 $ 782,819 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Mar. 31, 2024 | |
Property and Equipment, Net [Abstract] | |
PROPERTY AND EQUIPMENT, NET | 5 — PROPERTY AND EQUIPMENT, NET Property and equipment as of March 31, 2024 and 2023 consisted of the following: March 31, March 31, Furniture & Fixtures $ 400,558 $ 113,485 Machinery & Equipment 212,317 103,684 Automobile 306,607 242,633 Leasehold improvements 976,870 575,134 Construction in progress-Software 275,000 — Property and Equipment 2,171,352 1,034,936 Less: Accumulated depreciation (416,330 ) (249,651 ) Property and Equipment, net $ 1,755,022 $ 785,285 For the years ended March 31, 2024 and 2023, the depreciation expenses were $272,708 and $145,783, respectively. In December 2023, the Company engaged DFT, a related party, for certain technology services, for example ERP system. The total contract price for the technology services provided will be up to $2.5 million, which will be payable in installments as per the milestones outlined. The final delivery of the ERP system is scheduled for May 10, 2025, subject to adjustments mutually agreed upon by the parties in response to any changes in project scope or unforeseen delays. As of March 31, 2024, construction in progress was $275,000 and primarily relating to the cost incurred to develop the software from DFT. As of March 31, 2024, the Company had a prepayment of $1,279,000 to DFT (see Note 13 – Long-term prepayment for software development – related parties, net). In the future, the Company needs to pay up to $0.9 million to DFT. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Mar. 31, 2024 | |
Intangible Assets, Net [Abstract] | |
INTANGIBLE ASSETS, NET | 6 — INTANGIBLE ASSETS, NET Intangible assets as of March 31, 2024 and 2023 consisted of the following: March 31, March 31, Property rights $ 38,032 $ — Total Intangible assets 38,032 — Less: Accumulated Amortization (1,648 ) — Intangible assets, net $ 36,384 $ — For the years ended March 31, 2024 and 2023, the amortization expenses were $1,648 and nil |
Accrued Expenses and Other Paya
Accrued Expenses and Other Payables | 12 Months Ended |
Mar. 31, 2024 | |
Accrued Expenses and Other Payables [Abstract] | |
ACCRUED EXPENSES AND OTHER PAYABLES | 7 — ACCRUED EXPENSES AND OTHER PAYABLES March 31, March 31, Accrued payroll $ 121,120 $ 15,808 Advances from customers 25,099 36,396 Advances from IGH Holding Inc 49,000 — Accrued warranty 27,714 22,056 Payroll tax and sales tax payable 245,226 155,689 Accrued store expenses 21,975 123,996 Accrued IPO offering cost 225,000 11,717 Accrued freight in cost 107,255 — Accrued professional fee 103,000 — Accrued Expenses and Other Current Liabilities $ 925,389 $ 365,662 |
Loan Payable
Loan Payable | 12 Months Ended |
Mar. 31, 2024 | |
Loan Payable [Abstract] | |
LOAN PAYABLE | 8 — LOAN PAYABLE A summary of the Company’s loans is listed as follows: Lender Due Date March 31, March 31, Flushing Bank (i) June 1, 2027 $ — $ 435,537 Chase Bank (ii) October 25, 2027 176,366 214,529 Chase Bank (iii) January 12, 2028 56,580 68,051 Chase Bank (x) September 28, 2028 221,197 — Xuper Funding (iv)(v) May 01, 2023 — 259,072 Leaf Capital Funding, LLC (vi) September 30, 2027 46,856 58,263 Sinoelite Corp (vii) April 03, 2024 100,000 100,000 Automobile Loan – Honda (viii) June 25, 2027 28,833 — Bank of Hope (ix) September 15, 2024 391,227 — Bank of Hope (ix) September 22, 2024 400,000 — Bank of Hope (ix) December 12, 2024 205,000 — Total loan payables 1,626,059 1,135,452 Current portion of loan payables (1,213,242 ) (412,224 ) Long-term loan payables $ 412,817 $ 723,228 (i) On June 14, 2022, Ctate (now merged into Fly E-Bike, Inc.) obtained a five-year long-term loan of $500,000 from Flushing Bank with an annual interest rate of 7%. The collateral provided includes all of Ctate’s inventory, accounts, notes, machinery, equipment, fixtures and other products, and any proceeds and products generated from these items in any form. On September 20, 2023, the Company paid off this loan in full. (ii) On October 25, 2022, the Company’s subsidiary, Universe King Corp. obtained a five-year long-term loan of $230,000 from JPMorgan Chase Bank, N.A. with an annual interest rate of 10.35%. Mr. Ke Zhang, the Company’s Chief Human Resource Officer, provided a guarantee on this loan. To secure payment and performance of the liabilities, Universe King Corp. pledged to JPMorgan Chase Bank, N.A., a continuing security interest in all of its right, title and interest in all of its properties, whether now owned or hereinafter acquired and whether now existing or hereafter arising. From April 1 to June 26, 2024, the Company paid $9,888 on principal and interest of the loan. (iii) On January 12, 2023, the Company’s subsidiary, Arfy Corp. obtained a five-year long-term loan of $70,000 from JPMorgan Chase Bank, N.A. with an annual interest rate of 9.8%. Mr. Tong Chen, an original stockholder of the Company, provided a guarantee on this loan. To secure payment and performance of the liabilities, Arfy Corp. pledged to JPMorgan Chase Bank, N.A., a continuing security interest in all of its right, title and interest in all of its properties, whether now owned or hereinafter acquired and whether now existing or hereafter arising. From April 1 to June 26, 2024, the Company paid $4,455 on principal and interest of the loan. (iv) On January 11, 2023, Fly E-Bike, Inc. obtained a seven-month short-term loan of $250,000 from Xuper Funding with annual interest rate of 136%. On May 1, 2023, the Company paid off this loan in full. (v) On February 23, 2023, Fly E-Bike, Inc. obtained a seven-month short-term loan of $100,000 from Xuper Funding with an annual interest rate of 54%. On May 1, 2023, the Company paid off this loan in full. (vi) On August 24, 2022, Universe King Corp. obtained a five-year long-term loan of $63,674 from Leaf Capital Funding, LLC with an annual interest rate of 7.0%. The collateral provided included the Fuso trucks, whether now owned or hereafter acquired by Universe King Corp., and together with all accessories, accessions, attachments thereto, and all other substitutions, renewals, replacements and improvements and all proceeds of the foregoing. From April 1 to June 26, 2024, the Company paid $3,785 on principal and interest of the loan. (vii) On January 3, 2023, Fly E-Bike, Inc. obtained a one-year and three-month long-term loan of $100,000 from Sinoelite Corp with no interest. On April 25, 2024, the Company paid off this loan in full. (viii) On June 12, 2023, Flyebikemiami Inc obtained a four-year long-term loan of $34,974 from AutoNation Honda Miami Lakes with an annual interest rate of 3.98%. The collateral provided was the Honda vehicle purchased by Flyebikemiami Inc. From April 1 to June 26, 2024, the Company paid $1,579 on principal and interest of the loan. (ix) On September 20, 2023, Fly-E Group, Inc obtained a line of credit of $1,000,000 from Bank of Hope with a floating annual interest rate, currently at 8.5%. On the same date, the Company withdrew $391,226 from Bank of Hope to pay off the loan balance with Flushing Bank as of September 15, 2023. On September 22, 2023 and December 12, 2023, the Company withdrew $400,000 and $205,000, respectively, from Bank of Hope to support its business operations. Mr. Zhou Ou, the Company’s Chief Executive Officer, and Mr. Ke Zhang, the Company’s Chief Human Resource Officer, provided a guarantee on this loan. To secure payment and performance of the liabilities, Fly-E Group pledged to Bank of Hope the following items: inventory, chattel paper, accounts, equipment, and general intangibles of first 29 incorporated subsidiaries of the Company. (x) On October 2, 2023, the Company’s subsidiary, Fly14 Corp. obtained a five-year long-term loan of $240,000 from JPMorgan Chase Bank, N.A. with an annual interest rate of 10.40%. To secure payment and performance of the liabilities, Fly14 Corp. pledged to JPMorgan Chase Bank, N.A., a continuing security interest in all of its right, title and interest in all of its properties, whether now owned or hereinafter acquired and whether now existing or hereafter arising. From April 1 to June 26, 2024, the Company paid $10,329 on principal and interest of the loan. For the years ended March 31, 2024 and 2023, the total interest expenses on the Company’s outstanding loans amounted to $152,050 and $100,387, respectively. |
Stockholder_s Equity
Stockholder’s Equity | 12 Months Ended |
Mar. 31, 2024 | |
Stockholder’S Equity [Abstract] | |
STOCKHOLDER’S EQUITY | 9 — STOCKHOLDER’S EQUITY Prior to the effectiveness of the stock split discussed below, the Company was authorized to issue 400 shares of common stock having a par value of $0.01 per share and 40 shares of preferred stock having a par value of $0.01 per share. There were 200 shares of common stock were issued and outstanding prior to the effectiveness of the stock split. On March 27, 2024, the Company’s board of directors approved a 1-for-110,000 stock split of the Company’s capital stock. The stock split became effective on April 2, 2024. The par value of the Company’s common stock remained unchanged at $0.01 per share, and the number of authorized shares of the Company’s capital stock was increased from 440 to 48,400,000, with the number of authorized shares of common stock and preferred stock being increased from 400 to 44,000,000 and from 40 to 4,400,000, respectively. As of March 31, 2024 and 2023, the subscription receivable represents the unpaid capital contribution of $219,998 by the stockholders. During the year ended March 31, 2024, Mr. Ou paid certain vendors of the Company to settle certain accounts payable balance on behalf the Company. On June 30, 2023, the Company transferred $2.26 million, a portion of the accounts payable balance, along with a cash contribution of $0.14 million from Mr. Zhou Ou as capital contribution (see Note 13). As of March 31, 2024, a total of $2.4 million were transferred and recorded as capital contribution (see Note 13). |
Income Tax
Income Tax | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax [Abstract] | |
INCOME TAX | 10 — (a) Income Tax Expense The company conduct business both domestically and internationally and, as a result, the parent company and most of its subsidiaries file a consolidated income tax return in U.S. federal, U.S. states and U.S. Cities, and one of the subsidiaries files a foreign income tax return in certain foreign jurisdictions. The Company will file a consolidated annual U.S. federal tax return for tax year ending March 31, 2024, as well as combined tax returns for New Jersey, New York State, Florida, Texas, California, District of Columbia, and New York City. Most subsidiaries of the Company were incorporated in the State of New York and are subject to the U.S. federal corporate income taxes with a tax rate of 21.0%. The State of New York levies a corporate income tax rate of 8.45% on state-level earnings. In addition, a sum of fixed dollar minimum taxes is imposed on the taxable group members, in accordance with their gross receipts within the State of New York. The City of New York levies a 6.50% city corporate income tax, along with a sum of fixed dollar minimum taxes, applied to taxable group members based on their gross receipts within the city. Four of the Company’s subsidiaries are located in New Jersey, which imposes a state income tax rate of 9.0%. One of the Company’s subsidiaries is located in Florida, which imposes a state income tax rate of 5.5%. Two subsidiaries of the Company are located in Texas, which imposes a state income tax rate of 0.75% on the appointed state revenue. One of the Company’s subsidiaries is located in California, which imposes a state income tax rate of 8.84%. One of the Company’s subsidiaries is located in District of Columbia, which imposes a state income tax rate of 8.25%. The Company’s wholly owned foreign subsidiary in Canada will file a Canadian federal tax return for tax year ending March 31, 2024, as well as Ontario state tax return. It is subject to the Canadian federal corporate income taxes with a tax rate of 15.0% and Ontario state corporate income taxes with a tax rate of 11.5%. Income tax on unappropriated earnings is accrued during the period the earnings arise and adjusted to the extent that distributions are approved by the stockholders in the following year. Income tax expense for the years ended March 31, 2024 and 2023 amounted to $1.18 million and $0.82 million, respectively. Significant components of the provision for income taxes are as follows: For the Year Ended 2024 2023 Current Federal $ 474,445 $ 210,924 State 297,885 107,325 City 234,510 54,847 Deferred Federal 158,300 236,200 State 36,300 115,700 City 21,500 96,900 Foreign (40,007 ) — Total $ 1,182,933 $ 821,896 The provision for income taxes is based on the following pretax income (loss): For the Year Ended 2024 2023 U.S. $ 3,275,797 $ 2,200,467 Canada (197,642 ) - Total $ 3,078,155 $ 2,200,467 For the year ended March 31, 2024, the total pre-tax income was $3.1 million, which included $3.3 million pre-tax income in U.S. and $0.2 million pre-tax loss in Canada. For the year ended March 31 2023, the total pre-tax income was $2.2 million all of which was generated in the U.S. The following table reconciles to the Company’s effective tax rate: For the Year Ended 2024 2023 Pre-tax book income $ 3,078,155 $ 2,200,467 Federal Statutory rate 21.0 % 21.0 % State income tax rate, net of federal income tax benefit 7.9 % 9.5 % City income tax rate, net of federal income tax benefit 5.0 % 6.9 % Foreign statutory rate — — Permanent differences 5.2 % 1.6 % Return to project adjustment (0.8 )% (1.6 )% Total 38.3 % 37.4 % Penalties and interest incurred related to underpayment of income tax are classified as income tax expenses in the period incurred. For the years ended March 31, 2024, the Company accrued $60,487 in income tax related penalty included in taxes payable in the consolidated balance sheets. United States Income tax expense for the year ended March 31, 2024 and 2023 amounted to $1.22 million and $0.82 million, respectively. Significant components of the provision for income taxes are as follows: For the Year Ended 2024 2023 Current Federal $ 474,445 $ 210,924 State 297,885 107,325 City 234,510 54,847 Deferred Federal 158,300 236,200 State 36,300 115,700 City 21,500 96,900 Total $ 1,222,940 $ 821,896 Canada Fly Toronto Corp, a subsidiary of the Company, was formed under the laws of Canada and conducts its business primarily in Canada. Income tax benefit for the year ended March 31, 2024 and 2023 amounted to $40,007 and nil For the Year Ended 2024 2023 Current Federal $ — $ — State — — City — — Deferred Federal (22,845 ) — State (17,515 ) — City 353 — Total $ (40,007 ) $ — (b) Deferred Tax Assets (Liabilities) Net DTAs as of March 31, 2024 amounted to $35,199, and as of March 31, 2023, net Deferred Tax Assets (the “DTLs”) amounted to $211,100. Significant components of DTAs (DTLs), net are as follows: As of As of Net operating loss carry forwards $ 40,332 $ 93,800 Inventory reserve 186,000 155,400 Lease liability 5,810,000 3,702,500 Less: Valuation allowance — — Total deferred tax assets (DTAs) $ 6,036,332 $ 3,951,700 Accumulated depreciation (482,133 ) (230,600 ) ROU asset (5,519,000 ) (3,510,000 ) Total deferred tax liabilities (DTLs) (6,001,133 ) (3,740,600 ) Total deferred tax assets, net $ 35,199 $ 211,100 Deferred tax assets (liabilities) – U.S., net $ (5,000 ) $ 211,100 Deferred tax assets – Canada, net $ 40,199 — As of March 31, 2024 and 2023, the Company had approximately $6.04 million and $3.95 million, respectively, in the DTAs, which respectively included approximately $0.04 million and $0.09 million related to net operating loss carryforwards that can be used to offset taxable income in future periods, $5.81 million and $3.70 million related to lease liability, and $0.19 million and $0.16 million related to inventory allowance. As of March 31, 2024 and 2023, the Company had approximately $6.00 million and $3.74 million, respectively, which included $0.48 million and $0.23 million, respectively, in the DTLs that related to accumulated depreciation and $5.52 million and $3.51 million related to ROU asset. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. As of March 31, 2024 and 2023, the Company recorded approximately $0.04 million and $0.21 million, respectively, in the net DTAs. The tax losses in Canada can be carried forward for twenty years to offset future taxable profit. The tax losses of entities in Canada will begin to expire in 2044, if not utilized. As of March 31, 2024, management considered it more likely than not that the Company will have sufficient taxable income in the future that will allow the Company to realize these net DTAs. For the year ended March 31, 2024 and 2023, the Company’s pre-tax book income in the U.S. was approximately $3.08 million and $2.20 million, respectively, and all of previous net tax loss carry forward was used to reduce taxable income in the current period. In addition, for the years ended March 31, 2024 and 2023, the Company’s pre-tax book loss in Canada was approximately $0.20 million and nil Uncertain Tax Positions The Company evaluates each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of March 31, 2024 and 2023, the Company did not have any significant unrecognized uncertain tax positions. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
LEASES | 11 — LEASES Effective on April 1, 2019, the Company adopted Topic 842. At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. The leases of the Company mainly consisted of offices, retail stores and warehouses. The Company’s operating right-of-use (“ROU”) assets and lease liabilities were as follows: March 31, March 31, Operating ROU: ROU assets $ 16,000,742 $ 10,261,556 Total operating ROU assets $ 16,000,742 $ 10,261,556 March 31, March 31, Operating lease obligations: Current operating lease liabilities $ 2,852,744 $ 1,836,737 Non-current operating lease liabilities 13,986,879 8,979,193 Total lease liabilities $ 16,839,623 $ 10,815,930 The Company had 38 and 31 leases as of March 31, 2024 and 2023, respectively. The weighted average lease term, discount rates, and remaining lease terms for the operating leases as of March 31, 2024 were as follows: Remaining lease term and discount rate: Weighted average discount rate 6.4 % Weighted average remaining lease term (years) 5.51 years The weighted average lease term, discount rates, and remaining lease terms for the operating lease as of March 31, 2023 were as follows: Remaining lease term and discount rate: Weighted average discount rate 5 % Weighted average remaining lease term (years) 6.47 years The Company leases its offices, warehouse, and retail stores under non-cancellable operating lease agreements. Lease expenses were $3.31 million, including $0.66 million cost of goods-occupancy cost, $2.42 million rent expense in selling expense, and $0.23 million rent expense in general and administrative expense for the year ended March 31, 2024. Lease expenses were $2.34 million, including $0.48 million cost of goods-occupancy cost, $1.74 million rent expense in selling expense, and $0.12 million rent expense in general and administrative expense for the year ended March 31, 2023. As of March 31, 2024, future minimum lease liabilities, all under office and facilities non-cancellable operating lease agreements, were as follows: As of March 31, 2024 Operating Lease 2025 $ 3,818,603 2026 3,774,838 2027 3,666,143 2028 3,260,536 2029 2,678,719 Thereafter 2,889,477 Total lease payments 20,088,316 Less: interest (3,248,693 ) Present value of lease liabilities $ 16,839,623 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 12 — COMMITMENTS AND CONTINGENCIES Commitments The Company has not entered any off-balance sheet financial guarantees or other off-balance sheet commitments to guarantee the payment obligations of any third parties. The Company has not entered any derivative contracts that are indexed to its shares and classified as shareholder’s equity or that are not reflected in its consolidated financial statements. Furthermore, the Company does not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. The Company does not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to itself or engages in leasing, hedging or product development services with itself. As of March 31, 2024, the remaining commitment amount for purchase of software development is $946,000, and the Company will pay this amount within one year. As of March 31, 2024, the remaining commitment amount for purchase of office property is $3,144,000, and the Company will pay $1,589,700 within one year and mortgage the rest $1,554,300. Contingencies Legal From time to time, the Company is a party to certain legal proceedings, as well as certain asserted and unasserted claims. Amounts accrued, as well as the total amount of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed to be material to the consolidated financial statements. The Company’s products and other production facilities as well as the packaging, storage, distribution, advertising and labeling of its products, are subject to extensive legal and regulatory requirements. For example, pursuant to the DMV registration requirement, the Company must satisfy the DMV Registration requirements and conduct required testing for all of its products sold in U.S. Loss of or failure to renew or obtain necessary permits, licenses, registrations, or certificates could prevent the Company from legally selling its products in the U.S. If the Company were found to be in violation of applicable laws and regulations, it could be subject to administrative punishment, including fines, injunctions, recalls or asset seizures, as well as potential criminal sanctions, any of which could have a material adverse effect on its business, financial condition, results of operations and prospects. As of the date hereof, the Company believes it is in compliance with the relevant regulations in the U.S. Inflation Inflationary factors, such as increases in personnel and overhead costs, could impair the Company’s operating results. Although the Company does not believe that inflation has had a material impact on the Company’s financial position or results of operations to date, a high rate of inflation in the future may have an adverse effect on the Company’s ability to maintain current levels of gross margin and operating expenses as a percentage of sales revenue if the revenues do not increase with such increased costs. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 13 — RELATED PARTY TRANSACTIONS (A) Related party balances Accounts receivable — related parties Name of Related Party Relationship Nature March 31, March 31, Fly E Bike SRL Zhou Ou (CEO), owns over 50% equity interest of this entity Accounts receivable $ 326,914 $ 136,565 Accounts receivable — related parties $ 326,914 $ 136,565 In June 2024, the Company received $282,814 from Fly E Bike SRL. Prepayments and other receivables — related parties Name of Related Party Relationship Nature March 31, March 31, Fly E Bike SRL Zhou Ou (CEO), owns over 50% equity interest of this entity Other receivables $ 180,256 — PJMG LLC Ruifeng Guo (CFO), owns over 50% equity interest of this entity Prepayments $ 60,000 — Prepayments and other receivables – related parties $ 240,256 $ — During the year ended March 31, 2024, the Company advanced $291,756 to Fly E Bike SRL, a distributor the Company works with and in which Mr. Ou holds over 50% of the equity interest. This advance is unsecured, bears no interest and does not have a maturity date. During the year ended March 31, 2024, Fly E Bike SRL repaid $111,500 to the Company. On June 12, 2024, the Company received $180,256 from Fly E Bike SRL. For the prepayments to PJMG LLC, please refer to Note 13 - Loan payables — related party. Long-term prepayment for software development – Name of Related Party Relationship Nature March 31, March 31, DF Technology US Inc Ruifeng Guo (CFO), owns over 50% equity interest of this entity Long-term prepayment for software development $ 1,279,000 $ — Long-term prepayment for software development — related parties, net $ 1,279,000 $ — In December 2023, the Company engaged DFT for certain technology services. Mr. Guo, the Company’s CFO, owns over 50% of the equity interest in DFT. As of March 31, 2024, the Company paid $1,279,000 to DFT as prepayment for software development. As of March 31, 2024, construction in progress was $275,000 (see Note 5 – Property and Equipment). Other payables — related parties Name of Related Party Relationship Nature March 31, 2024 (i) March 31, 2023 (i) Zhou Ou Chairman, CEO of the Company Other payable $ 92,229 $ 332,481 Other Payables-related parties $ 92,229 $ 332,481 (i) Represents the remaining balance of the advance provided by the related party to the Company’s subsidiaries for the purpose of supporting their business operations. All of the above payables are unsecured, non-interest bearing, and due on demand. the Company paid a total of $290,252 and $2,496,323 to Mr. Zhou Ou during the years ended March 31, 2024 and 2023, respectively. Loan payables — related party Name of Related Party Relationship Nature March 31, March 31, PJMG LLC Ruifeng Guo (CFO) owns over 50% equity interest of this entity Loan payable $ — $ 150,000 Loan Payables-related parties $ — $ 150,000 On February 1, 2023, PJMG LLC (“PJMG”), a company in which Mr. Guo, the Company’s CFO, holds over 50% of the equity interests, provided a loan of $150,000 to the Company (the “PJMG Loan”). The PJMG Loan was unsecured, bore no interest and was set to mature on May 31, 2024. Furthermore, the Company has agreed to retain the services of PJMG as a consultant following the completion of its IPO. To secure these services, the Company prepaid a total of $210,000 to PJMG during the year ended March 31, 2024, of which $150,000 was applied to offset the PJMG Loan. The remaining prepayments balance was $60,000 as of March 31, 2024, and it will be used from June 2024. See Note 13 - Prepayments and other receivables — related parties. (B) Related party transactions Revenues — related party For the Years ended Name of Related Party Relationship Nature 2024 2023 Fly E Bike SRL Zhou Ou (CEO) owns over 50% equity interest of this entity Product sales $ 326,914 $ 136,565 Revenues-related parties $ 326,914 $ 136,565 During the years ended March 31, 2024 and 2023, Fly E Bike SRL purchased certain EV products from the Company in the amount of $326,914 and $136,565, respectively. (C) Other Related Party Transactions (i) During the year ended March 31, 2024, Mr. Ou paid certain vendors of the Company to settle certain accounts payable balance on behalf the Company. On June 30, 2023, the Company transferred $2,263,630, a portion of the accounts payable balance, along with a cash contribution of $136,370 from Mr. Zhou Ou as capital contribution (see Note 9). On July 18, 2023, Mr. Ou paid $50,000 to one of the vendors on behalf the Company. As of March 31, 2024, a total of $2,400,000 were transferred and recorded as capital contribution (see Note 9). (ii) On March 6, 2021, the Company and DGLG entered into an engagement letter, pursuant to which the Company engaged DGLG as a consultant to assist the Company in its IPO planning, financing and tax services. Mr. Guo, the Company’s CFO, is a partner at DGLG. Under the terms of the engagement agreement with DGLG, the Company has agreed to compensate DGLG for consulting services based on an hourly fee arrangement. DGLG’s consulting fees were $100,000 and $25,000 for the years ended March 31, 2024 and 2023, respectively. In addition, during the year ended March 31, 2024, the Company paid DGLG a total of $123,000 for tax services rendered by DGLG. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 14 — SUBSEQUENT EVENTS The Company has evaluated subsequent events after March 31, 2024, up through June 27, 2024, the date at which the consolidated financial statements were issued, except for the event mentioned below the Company did not identify any subsequent events with material financial impact on the Company’s consolidated financial statements. On April 25, 2024, the Company paid off the loan from Sinoelite Corp of $100,000. On June 7, 2024, the Company completed its initial public offering and issued 2,250,000 shares of common stock, at a price of $4.00 per share. The gross proceeds of the offering were $9.0 million, prior to deducting the underwriting discounts, commissions and offering expenses payable by the Company. In addition, the Company granted the underwriters a 30-day option to purchase an additional 337,500 shares of common stock at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments. On June 25, 2024, the Company issued an additional 337,500 shares of common stock to the underwriters for gross proceeds of $1.4 million upon full exercise of the underwriters’ over-allotment option. Net proceeds received by the Company from the initial public offering, including the exercise of over-allotment option, were approximately $9.2 million. The Company also issued to The Benchmark Company, LLC, the representative of the underwriters, and its designees warrants to purchase 129,375 shares of its common stock. On June 1, 2024, the Company engaged Taptalk LLC to promote the Company’s designated products or corporate image on the TikTok shop platform. The contract is valid from June 1, 2024 to June 2025. On June 14, 2024, the Company paid $160,500 to Taptalk LLC. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 1,895,222 | $ 1,378,571 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | (a) Basis of Presentation The accompanying 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”). |
Principles of Consolidation | (b) Principles of Consolidation The 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. |
Segment Information | (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 by Accounting Standards Codification (“ASC”) 280, “Segment Reporting”, the Company considers itself to be operating within one reportable segment. |
Use of Estimates | (d) Use of Estimates In the application of the Company’s accounting policies, management is required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. Significant accounting estimates include, but not limited to, useful lives of depreciable property and equipment, impairment of long-lived assets, the realization of deferred income tax assets, allowance for inventories, and discount rate for operating leases. Changes in facts and circumstances may result in revised estimates. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements. |
Commitments and Contingencies | (e) Commitments and Contingencies In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, which cover a wide range of matters, including, among others, government investigations, shareholder lawsuits, and non-income tax matters. An accrual for a loss contingency is recognized when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. If a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material, is disclosed. |
Cash | (f) Cash Cash consists of cash on hand and cash deposited with banks. The Company’s cash is maintained at financial institutions in the U.S. Deposits in these financial institutions may, from time to time, exceed the Federal Deposit Insurance Corporation’s (the “FDIC”) federally insured limit, which is $250,000. The Company has not incurred any losses in the past for amount over the FDIC limits. As of March 31, 2024 and 2023, no balance deposited with banks was uninsured. |
Accounts Receivable | (g) Accounts Receivable Accounts receivable includes trade account due from customers. Accounts receivable is recorded at the invoiced amount less an allowance for any uncollectible accounts and does not bear interest, which is due after 30 to 90 days, depending on the credit term with the customers. Management considers the following factors when determining the collectability of specific accounts: historical experience, credit worthiness of the clients, aging of the receivables and other specific circumstances related to the accounts. An allowance for doubtful accounts is made and recorded into general and administrative expenses based on the aging of accounts receivable and on any specifically identified accounts receivable that may become uncollectible. Accounts receivable which is deemed to be uncollectible is charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. No allowance for doubtful accounts as of March 31, 2024 and 2023 was recorded. On April 1, 2023, the Company adopted ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement on Credit Losses on Financial Instruments”, including certain subsequent amendments, transitional guidance and other interpretive guidance within ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-11, ASU 2020-02 and ASU 2020-03 (collectively, including ASU 2016-13, “ASC 326”). ASC 326 introduces an approach based on expected losses to estimate the allowance for doubtful accounts, replacing the previous incurred loss impairment model, which makes allowances when there is substantial doubt as to the collectability and a loss is determined to be probable. The Company adopt the current expected credit loss model (“CECL model”) to estimate the expected credit losses, which is determined by multiplying the probability of default. In determining the probability of default, the Company mainly considers factors such as aging schedule of receivables, migration rate of receivables, assessment of receivables due from specific identifiable counterparties that are considered at risk or uncollectible, current market conditions, as well as reasonable and supportable forecasts of future economic conditions. The Company concludes that there is no impact over the initial adoption of CECL model, which should be treated as cumulative-effect adjustment on retained earnings as of March 31, 2023. There was nil nil |
Inventories, Net | (h) Inventories, Net Inventories, consisting of products available for sale, are stated at the lower of cost or net realizable value using the first-in-first-out method. Adjustments to the carrying value are recorded for estimated obsolescence or excess inventory equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand and market conditions. Inventory cost consists of the direct cost of merchandise including freight. For the years ended March 31, 2024 and 2023, the impairment loss was $456,209 and $151,378, respectively. |
Prepayments and Other Receivables | (i) Prepayments and Other Receivables Prepayments and other receivables are mainly prepayments to vendors, prepaid expenses paid to service providers, prepaid taxes, advances to employees, and other deposits. Management regularly reviews the aging of such balances and changes in payment and realization trends and records allowances when management believes that the collection of amounts due is at risk. Accounts considered uncollectable are written off against allowances after exhaustive efforts at collection are made. As of March 31, 2024 and 2023, no allowance against prepayments and other receivables was recorded. |
Property and Equipment, Net | (j) Property and Equipment, Net Property and equipment are stated at cost less accumulated depreciation and any recorded impairment. The estimated useful lives are as follows: Machinery and equipment 5 years Furniture and fixtures 5 years Leasehold improvements 3 – 10 years (shorter of lease term or useful lives) Motor vehicles 5 years Depreciation on property and equipment is calculated on the straight-line method over the estimated useful lives of the assets. The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts and any gain or loss is included in the consolidated statements of operations. Expenditures for maintenance and repairs are charged to earnings as incurred, while additions, renewals, and betterments, which are expected to extend the useful life of assets, are capitalized. The Company also re-evaluates the periods of depreciation to determine whether subsequent events and circumstances warrant revised estimates of useful lives. Construction in progress Direct costs that are related to the construction of property, equipment and software and incurred in connection with bringing the assets to their intended use are capitalized as construction in progress. Construction in progress is transferred to specific property, equipment and software items and the depreciation of these assets commences when the assets are ready for their intended use. In December 2023, the Company engaged DF Technology US Inc (“DFT”), a related party, for certain technology services, such as enterprise resource planning system (“ERP system”). As of March 31, 2024, construction in progress was $275,000 and primarily relating to the cost incurred to develop the software from DFT. |
Definite-Lived Intangible Assets | (k) Definite-Lived Intangible Assets The Company owns property rights of certain technologies and designs that relate to the Underwriter Laboratories certificates issued for its products. The Company capitalizes the costs associated with design, development, acquisition and maintenance of its acquired property rights and amortizes these assets over their remaining useful lives on a straight-line basis. Any further payments made to maintain or develop the property rights would be capitalized and amortized over the balance of the useful life for the property rights. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in the estimate being accounted for on a prospective basis. The estimated useful lives of intangibles assets are as follows: Property rights 5-20 years |
Impairment of Long-lived Assets | (l) Impairment of Long-lived Assets At the end of each reporting period, the Company reviews the carrying amounts of its property, plant and equipment, intangible assets subject to amortization, and right-of-use assets, to determine whether there is any indication that the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flows the assets are expected to generate and recognize an impairment loss when estimated undiscounted future cash flows expected to result from the use of the asset plus net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. If an impairment is identified, the Company will reduce the carrying amount of the asset to its estimated fair value based on a discounted cash flows approach or, when available and appropriate, to comparable market values. As of March 31, 2024 and 2023, no |
Deferred IPO Costs | (m) Deferred IPO Costs The Company complies with the requirements of FASB ASC Topic 340-10-S99-1, “Other Assets and Deferred Costs — SEC Materials” (“ASC 340-10-S99”) and SEC Staff Accounting Bulletin Topic 5A, “Expenses of Offering”. Deferred IPO costs consist of underwriting, legal, accounting and other professional expenses incurred through the balance sheet date that are directly related to the initial public offering of the Company and that will be charged to additional paid in capital upon the completion of the offering. |
Fair Value Measurements | (n) Fair Value Measurements Fair value is defined as the price that would be received for an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. Valuation techniques maximize the use of observable inputs and minimize the use of unobservable inputs. When determining the fair value measurements for assets and liabilities, the Company considers the principal or most advantageous market in which it would transact and consider assumptions that market participants would use when pricing the asset or liability. The following summarizes the three levels of inputs required to measure fair value, of which the first two are considered observable and the third is considered unobservable: Level-1 — Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level-2 — Include other inputs that are directly or indirectly observable in the marketplace. Level-3 — Unobservable inputs which are supported by little or no market activity. The fair value for certain assets and liabilities such as cash, accounts receivable, other receivables, prepayments and other current assets, short-term loans, accounts payable, contract liabilities, accrued expenses and other payables, and tax payables have been determined to approximate carrying amounts due to the short maturities of these instruments. The Company believes that its long-term loan to a third party approximates the fair value based on current yields for debt instruments with similar terms. The Company and its subsidiaries did not have any non-financial assets or liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and 2023. |
Revenue Recognition | (o) Revenue Recognition The Company follows the revenue accounting requirements of Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers. The core principle underlying the revenue recognition of this ASC allows the Company to recognize revenue that represents the transfer of products and services to customers in an amount that reflects the consideration to which the Company expects to be entitled in such exchange. This will require the Company to identify contractual performance obligations and determine whether revenue should be recognized at a point in time or over time, based on when control of products and services transfers to a customer. To achieve that core principle, the Company applies a five-step model to recognize revenue from customer contracts. The five-step model requires that the Company (i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, including variable consideration to the extent that it is probable that a significant future reversal will not occur, (iv) allocate the transaction price to the respective performance obligations in the contract, and (v) recognize revenue when (or as) the Company satisfies the performance obligation. Product revenue — Performance obligation satisfied at point in time The Company generates substantially all its revenues from sales of products such as smart E-bikes, E-motorcycles, E-scooters and accessories to the retail and wholesale customers through its wholly owned subsidiaries stores. In accordance with ASC 606, the Company’s performance obligations are satisfied upon the control of products being passed to the customer, which is the point in time that the customers are able to direct the use of and obtain substantially all of the economic benefit of the products or services. The transfer of control typically occurs at a point in time based on consideration of when the customer has an obligation to pay for the products, and physical possession of, legal title to, and the risks and rewards of ownership of the products have been transferred, and the customer has accepted the products. Revenue is recognized net of estimates of variable consideration, including product returns, customer discounts and allowance. which occurs at the point of sale, or the services have been rendered. Historically, the Company has not experienced any significant returns nor provided significant customer discounts. The Company offers an assurance-type warranty to its customers. An assurance-type warranty guarantees that the product will perform as promised and is not a performance obligation. This type of warranty promises to repair or replace a delivered good or service if it does not perform as expected. Since an assurance-type warranty guarantees the functionality of a product, the warranty is not accounted for as a separate performance obligation, and thus no transaction price is allocated to it. Rather, to account for an assurance-type warranty the vendor should estimate and accrue a warranty liability when the promised good or service is delivered to the customer (see ASC 460-10). Since the contract price and term are fixed and enforceable, and an assurance-type warranty guarantees the functionality of a product, and the warranty is not accounted for as a separate performance obligation, no transaction price is allocated to it. The Company recognizes sales in full at the point in time when the products are delivered or accepted by the customers, in accordance with the acceptance term specified in the contract. The Company records estimated future warranty costs under ASC 460. Such estimated costs for warranties are estimated at the time of delivery and these warranties are not service warranties separately sold by the Company. Generally, the estimated claim rates of warranty are based on actual warranty experience or the Company’s best estimate. The Company accrued $27,714 and $22,056 of warranty reserves under accrued expenses and other payables as of March 31, 2024 and 2023, respectively. The Company has no contract assets and contract liabilities balances as of March 31, 2024 and 2023, respectively. Disaggregated information of revenues by business lines are as follows: For the Years Ended 2024 2023 Revenues-retail $ 26,389,720 $ 18,844,921 Revenues-wholesale 5,815,946 2,930,016 Net revenues $ 32,205,666 $ 21,774,937 |
Selling Expenses | (p) Selling Expenses Selling expenses mainly consist of advertising costs, marketing referring expenses and payroll and related expenses for personnel engaged in selling and marketing activities. Advertising expenses, which consist primarily of online and offline advertisements, are expenses when the services are received. The advertising expenses were $64,423 and $49,420 for the years ended March 31, 2024 and 2023, respectively. |
Software Development costs | (q) Software Development Costs ASC Topic 985-20, Software — Costs of Software to Be Sold, Leased, or Marketed, requires companies to expense software development costs as they incur them until technological feasibility has been established, at which time those costs are capitalized until the product is available for general release to customers. The development of the Fly E-Bike app is still in its preliminary stage and the development of core functions has not yet been completed. As a result, the Company expensed the development costs of the Fly E-Bike app as they incurred. For the years ended March 31, 2024 and 2023, development costs amounted to $7,460 and $80,040, respectively, which were recorded under general and administrative expenses. |
Income Taxes | (r) Income Taxes Current income taxes are provided based on net income/(loss) for financial reporting purposes and adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred taxes are accounted for using the asset and liability method in respect of temporary differences arising from differences between the carrying amount of assets and liabilities in the consolidated financial statements and the corresponding tax basis used in the computation of assessable tax profit. In principle, deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets (the “DTAs”) are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences can be utilized. Deferred tax is calculated using tax rates that are expected to apply to the period when the asset is realized, or the liability is settled. Deferred tax is charged or credited in the income statement, except when it is related to items credited or charged directly to equity, in which case the deferred tax is also dealt with in equity. DTAs are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all the DTAs will not be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. An uncertain tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. Penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. The tax returns filed in 2018 to 2023 are subject to examination by any appropriate tax authorities. For the year ended March 31, 2024, the Company accrued $60,487 income tax related penalty included in taxes payable in the consolidated balance sheets. For the year ended March 31, 2023, no penalties and interest incurred related to underpayment of income tax are classified as income tax expense in the period incurred. |
Leases | (s) Leases The Company accounts for leases in accordance with ASC 842. The Company leases premises for offices, warehouses, and retail stores under non-cancellable operating leases. The Company recognizes right-of-use assets and lease liabilities for all leases at the commencement date of a lease, except for short-term leases and low-value asset leases accounted for applying a recognition exemption where lease payments are recognized as expenses on a straight-line basis over the lease terms. Leases with an initial term of 12 months or less are short-term leases and not recognized as operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheets. The Company recognizes lease expense for short-term leases on a straight-line basis over the lease term. Right-of-use assets are initially measured at cost, which comprises the initial measurement of lease liabilities adjusted for lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs needed to restore the underlying assets, and less any lease incentives received. Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses and adjusted for any remeasurement of the lease liabilities. Right-of-use assets are presented on a separate line in the consolidated balance sheets. Right-of-use assets are depreciated using the straight-line method from the commencement dates to the earlier of the end of the useful lives of the right-of-use assets or the end of the lease terms. Lease liabilities are initially measured at the present value of the lease payments, which comprise fixed payments, in-substance fixed payments, variable lease payments which depend on an index or a rate. The lease payments are discounted using the interest rate implicit in a lease if that rate can be readily determined. If that rate cannot be readily determined, the Company uses the lessee’s incremental borrowing rate. Subsequently, lease liabilities are measured at amortized cost using the effective interest method, with interest expense recognized over the lease terms. When there is a change in a lease term or a change in future lease payments resulting from a change in an index or a rate used to determine those payments, the Company remeasures the lease liabilities with a corresponding adjustment to the right-of-use-assets. However, if the carrying amount of the right-of-use assets is reduced to zero, any remaining amount of the remeasurement is recognized in profit or loss. Lease liabilities are presented on a separate line in the consolidated balance sheets. Variable lease payments that do not depend on an index or a rate are recognized as expenses in the periods in which they are incurred. |
Concentration Risk | (t) Concentration Risk Concentration of customers and suppliers No customers individually represented greater than 10% of total net revenues of the Company for the years ended March 31, 2024 and 2023. For the year ended March 31, 2024, the Company’s top three suppliers represented 36%, 21% and 13% of total purchases of the Company, respectively. For the year ended March 31, 2023, the Company’s top three suppliers represented 33%, 21% and 12% of total purchase of the Company respectively. As of March 31, 2024, three suppliers accounted for 31%, 26%, and 23% of accounts payable balance, respectively. As of March 31, 2023, three suppliers accounted for 55%, 27% and 11% of accounts payable balance, respectively. Concentration of credit risk Financial instruments that are potentially subject to credit risk consist principally of accounts receivable. The Company believes the concentration of credit risk in its account receivable is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends, and other information. Historically, the Company did not have any bad debt on its account receivable. Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash and cash equivalents, term deposits, restricted cash, short-term investments, and accounts receivable, net. The Company’s investment policy requires cash and cash equivalents, term deposits, restricted cash, and short-term investments to be placed with high-quality financial institutions and to limit the amount of credit risk from any one issuer. The Company regularly evaluates the credit standing of the counterparties or financial institutions. |
Related Parties | (u) Related Parties A related party is generally defined as (i) any person and or their immediate family hold 10% or more of the Company’s securities (ii) the Company’s management and/or their immediate family, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related parties may be individuals or corporate entities. Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s length transactions unless such representations can be substantiated. |
Earnings Per Share | (v) Earnings Per Share The Company computes earnings per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common stock outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential common stock (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential shares of common stock that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. For the years ended March 31, 2024 and 2023, there were no dilutive shares. |
Foreign Currencies Translation | (w) Foreign Currencies Translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. The reporting currency of the Company is United States Dollar ($). The Company’s subsidiary in Canada maintains its books and records in its local currency, Canadian dollar (CAD), which is the functional currency for this subsidiary as it is the primary currency of the economic environment in which this entity operates. In general, for consolidation purposes, assets and liabilities of subsidiaries whose functional currency is not United States Dollar are translated into United States Dollar in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity. |
Recent Accounting Pronouncements | (x) Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standards updates (“ASUs”). Management periodically reviews new accounting standards that are issued. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company and has elected the extended transition period for complying with new or revised accounting standards, which delays the adoption of these accounting standards until they would apply to private companies. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This guidance requires a public entity to disclose for each reportable segment, on an interim and annual basis, the significant expense categories and amounts that are regularly provided to the chief operating decision-maker (“CODM”) and included in each reported measure of a segment’s profit or loss. Additionally, it requires a public entity to disclose the title and position of the individual or the name of the group or committee identified as the CODM. This guidance is effective for fiscal years beginning after December 31, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the guidance should be applied retrospectively to all periods presented in the financial statements, unless it is impracticable. The Company plans to adopt the provisions of this guidance in conjunction with its Form 10-K for the fiscal year ending March 31, 2025. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This guidance requires a public entity to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes and to provide more details about the reconciling items in some categories if 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 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. |
Reclassification | (y) Reclassification The Company has reclassified certain prior year amounts to conform to current year presentation. The Company reclassified $279,985 from 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. |
Description of Business, Orga_2
Description of Business, Organization and Basis of Presentation (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Description of Business, Organization and Basis of Presentation [Abstract] | |
Schedule of Consolidated Financial Statements | The consolidated financial statements include the financial statements of the Company and each of the following subsidiaries as of March 31, 2024. Name Background Ownership FLY-E GROUP, INC. ● A Delaware corporation ● Incorporated on November 1, 2022 ● A holding company Parent Company FLY EV, INC. ● A Delaware corporation ● Incorporated on November 1, 2022 ● A holding Company 100% owned by Fly-E Group, Inc. FLY E-BIKE, INC. ● A Delaware Company ● Incorporated on August 22, 2022 ● A holding Company 100% owned by Fly-E Group, Inc. UNIVERSE KING CORP ● A New York corporation ● Incorporated on November 19, 2018 ● A retail store 100% owned by Fly E-Bike, Inc. UFOTS CORP. ● A New York corporation ● Incorporated on May 2, 2019 ● A retail store 100% owned by Fly E-Bike, Inc. ARFY CORP. ● A New York corporation ● Incorporated on April 29, 2020 ● A retail store 100% owned by Fly E-Bike, Inc. TKPGO CORP. ● A New York corporation ● Incorporated on July 3, 2018 ● A retail store 100% owned by Fly E-Bike, Inc. FLYFLS INC ● A New York corporation ● Incorporated on October 13, 2020 ● A retail store and corporate office 100% owned by Fly E-Bike, Inc. FLY37 INC ● A New York corporation ● Incorporated on October 14, 2020 ● A retail store 100% owned by Fly E-Bike, Inc. FIYET INC ● A New York corporation ● Incorporated on November 12, 2020 ● A retail store 100% owned by Fly E-Bike, Inc. FLY GC INC. ● A New York corporation ● Incorporated on November 13, 2020 ● A retail store 100% owned by Fly E-Bike, Inc. FLY MHT INC. ● A New York corporation ● Incorporated on December 15, 2020 ● A retail store 100% owned by Fly E-Bike, Inc. FLYAM INC ● A New York corporation ● Incorporated on February 19, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. OFLYO INC ● A New York corporation ● Incorporated on March 29, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. FLYEBIKE INC ● A New York corporation ● Incorporated on March 30, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. FLYCLB INC ● A New York corporation ● Incorporated on April 15, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. FLYEBIKE NJ INC ● A New Jersey corporation ● Incorporated on June 8, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. ESEBIKE INC ● A New York corporation ● Incorporated on October 13, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. FLYEBIKEMIAMI INC ● A Florida corporation ● Incorporated on June 30, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. GOFLY INC ● A Texas corporation ● Incorporated on July 23, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. FLY14 CORP. ● A New York corporation ● Incorporated on September 15, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. EDISONEBIKE INC. ● A New York corporation ● Incorporated on October 13, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. FLYTRON INC. ● A New York corporation ● Incorporated on November 9, 2021 ● A retail store 100% owned by Fly E-Bike, Inc. FLYCYCLE INC. ● A New York corporation ● Incorporated on January 10, 2022 ● A retail store 100% owned by Fly E-Bike, Inc. FLYNJ2 INC. ● A New Jersey corporation ● Incorporated on February 10, 2022 ● A retail store 100% owned by Fly E-Bike, Inc. FLYBWY INC. ● A New York corporation ● Incorporated on March 2, 2022 ● A retail store 100% owned by Fly E-Bike, Inc. FLYCORONA INC. ● A New York corporation ● Incorporated on March 9, 2022 ● A retail store 100% owned by Fly E-Bike, Inc. MEEBIKE ● A New York corporation ● Incorporated on March 25, 2022 ● A retail store 100% owned by Fly E-Bike, Inc. FLY6AVE, INC. ● A New York corporation ● Incorporated on April 16, 2022 ● A retail store 100% owned by Fly E-Bike, Inc. FLY E BIKE NJ3, INC ● A New Jersey corporation ● Incorporated on July 18, 2022 ● A retail store 100% owned by Fly E-Bike, Inc. FLYEBIKE BROOKLYN, INC. ● A New York corporation ● Incorporated on November 2, 2022 ● A retail store 100% owned by Fly E-Bike, Inc. FLY E-BIKE SAN ANTONIO INC ● A Texas corporation ● Incorporated on January 1, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYEBIKE WORLD INC. ● A New York corporation ● Incorporated on February 27, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLY DELIVERY INC. ● A New York corporation ● Incorporated on March 2, 2023 ● A delivery store 100% owned by Fly E-Bike, Inc. FLYEBIKE MIAMI2 INC. ● A Florida corporation ● Incorporated on April 13, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYDC INC. ● A Washington, DC corporation ● Incorporated on May 31, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYMHT659 INC. ● A New York corporation ● Incorporated on June 2, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYBX745 INC. ● A New York corporation ● Incorporated on June 15, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYJH8509 INC. ● A New York corporation ● Incorporated on August 30, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYBX2381 INC. ● A New York corporation ● Incorporated on August 30, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYNJ4 INC. ● A New York corporation ● Incorporated on October 4, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYTORONTO Corp. ● A Toronto corporation ● Incorporated on October 18, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. FLYLA INC. ● A California corporation ● Incorporated on December 1, 2023 ● A retail store 100% owned by Fly E-Bike, Inc. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives | The estimated useful lives are as follows: Machinery and equipment 5 years Furniture and fixtures 5 years Leasehold improvements 3 – 10 years (shorter of lease term or useful lives) Motor vehicles 5 years Property rights 5-20 years |
Schedule of Disaggregated Information of Revenues | Disaggregated information of revenues by business lines are as follows: For the Years Ended 2024 2023 Revenues-retail $ 26,389,720 $ 18,844,921 Revenues-wholesale 5,815,946 2,930,016 Net revenues $ 32,205,666 $ 21,774,937 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Inventories, Net [Abstract] | |
Schedule of Inventories, Net | Inventories, net consisted of the following: March 31, March 31, 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 |
Schedule of Movements of Inventory Reserves | Movements of inventory reserves are as follows: March 31, March 31, Beginning balance $ 431,363 $ 279,985 Addition 456,209 151,378 Write off (373,551 ) — Ending Balance $ 514,021 $ 431,363 |
Prepayments and Other Receiva_2
Prepayments and Other Receivables (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Prepayments and Other Receivables [Abstract] | |
Schedule of Prepayments and Other Current Assets | Prepayments and other current assets as of March 31, 2024 and 2023 consisted of the following: March 31, March 31, Prepaid rent $ 179,792 $ 26,332 Prepayments to vendors 143,018 647,746 Prepaid iCloud Server 1,747 — Prepayments to DMV — 500 Prepaid insurance 237,207 108,241 Prepayments to other service providers 26,896 — Total Prepayment and Other Receivables $ 588,660 $ 782,819 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Property and Equipment, Net [Abstract] | |
Schedule of Property and Equipment | Property and equipment as of March 31, 2024 and 2023 consisted of the following: March 31, March 31, Furniture & Fixtures $ 400,558 $ 113,485 Machinery & Equipment 212,317 103,684 Automobile 306,607 242,633 Leasehold improvements 976,870 575,134 Construction in progress-Software 275,000 — Property and Equipment 2,171,352 1,034,936 Less: Accumulated depreciation (416,330 ) (249,651 ) Property and Equipment, net $ 1,755,022 $ 785,285 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Intangible Assets, Net [Abstract] | |
Schedule of Intangible Assets | Intangible assets as of March 31, 2024 and 2023 consisted of the following: March 31, March 31, Property rights $ 38,032 $ — Total Intangible assets 38,032 — Less: Accumulated Amortization (1,648 ) — Intangible assets, net $ 36,384 $ — |
Accrued Expenses and Other Pa_2
Accrued Expenses and Other Payables (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Accrued Expenses and Other Payables [Abstract] | |
Schedule of Accrued Expenses and Other Payables | March 31, March 31, Accrued payroll $ 121,120 $ 15,808 Advances from customers 25,099 36,396 Advances from IGH Holding Inc 49,000 — Accrued warranty 27,714 22,056 Payroll tax and sales tax payable 245,226 155,689 Accrued store expenses 21,975 123,996 Accrued IPO offering cost 225,000 11,717 Accrued freight in cost 107,255 — Accrued professional fee 103,000 — Accrued Expenses and Other Current Liabilities $ 925,389 $ 365,662 |
Loan Payable (Tables)
Loan Payable (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Loan Payable [Abstract] | |
Schedule of Company’s Loans | A summary of the Company’s loans is listed as follows: Lender Due Date March 31, March 31, Flushing Bank (i) June 1, 2027 $ — $ 435,537 Chase Bank (ii) October 25, 2027 176,366 214,529 Chase Bank (iii) January 12, 2028 56,580 68,051 Chase Bank (x) September 28, 2028 221,197 — Xuper Funding (iv)(v) May 01, 2023 — 259,072 Leaf Capital Funding, LLC (vi) September 30, 2027 46,856 58,263 Sinoelite Corp (vii) April 03, 2024 100,000 100,000 Automobile Loan – Honda (viii) June 25, 2027 28,833 — Bank of Hope (ix) September 15, 2024 391,227 — Bank of Hope (ix) September 22, 2024 400,000 — Bank of Hope (ix) December 12, 2024 205,000 — Total loan payables 1,626,059 1,135,452 Current portion of loan payables (1,213,242 ) (412,224 ) Long-term loan payables $ 412,817 $ 723,228 (i) On June 14, 2022, Ctate (now merged into Fly E-Bike, Inc.) obtained a five-year long-term loan of $500,000 from Flushing Bank with an annual interest rate of 7%. The collateral provided includes all of Ctate’s inventory, accounts, notes, machinery, equipment, fixtures and other products, and any proceeds and products generated from these items in any form. On September 20, 2023, the Company paid off this loan in full. (ii) On October 25, 2022, the Company’s subsidiary, Universe King Corp. obtained a five-year long-term loan of $230,000 from JPMorgan Chase Bank, N.A. with an annual interest rate of 10.35%. Mr. Ke Zhang, the Company’s Chief Human Resource Officer, provided a guarantee on this loan. To secure payment and performance of the liabilities, Universe King Corp. pledged to JPMorgan Chase Bank, N.A., a continuing security interest in all of its right, title and interest in all of its properties, whether now owned or hereinafter acquired and whether now existing or hereafter arising. From April 1 to June 26, 2024, the Company paid $9,888 on principal and interest of the loan. (iii) On January 12, 2023, the Company’s subsidiary, Arfy Corp. obtained a five-year long-term loan of $70,000 from JPMorgan Chase Bank, N.A. with an annual interest rate of 9.8%. Mr. Tong Chen, an original stockholder of the Company, provided a guarantee on this loan. To secure payment and performance of the liabilities, Arfy Corp. pledged to JPMorgan Chase Bank, N.A., a continuing security interest in all of its right, title and interest in all of its properties, whether now owned or hereinafter acquired and whether now existing or hereafter arising. From April 1 to June 26, 2024, the Company paid $4,455 on principal and interest of the loan. (iv) On January 11, 2023, Fly E-Bike, Inc. obtained a seven-month short-term loan of $250,000 from Xuper Funding with annual interest rate of 136%. On May 1, 2023, the Company paid off this loan in full. (v) On February 23, 2023, Fly E-Bike, Inc. obtained a seven-month short-term loan of $100,000 from Xuper Funding with an annual interest rate of 54%. On May 1, 2023, the Company paid off this loan in full. (vi) On August 24, 2022, Universe King Corp. obtained a five-year long-term loan of $63,674 from Leaf Capital Funding, LLC with an annual interest rate of 7.0%. The collateral provided included the Fuso trucks, whether now owned or hereafter acquired by Universe King Corp., and together with all accessories, accessions, attachments thereto, and all other substitutions, renewals, replacements and improvements and all proceeds of the foregoing. From April 1 to June 26, 2024, the Company paid $3,785 on principal and interest of the loan. (vii) On January 3, 2023, Fly E-Bike, Inc. obtained a one-year and three-month long-term loan of $100,000 from Sinoelite Corp with no interest. On April 25, 2024, the Company paid off this loan in full. (viii) On June 12, 2023, Flyebikemiami Inc obtained a four-year long-term loan of $34,974 from AutoNation Honda Miami Lakes with an annual interest rate of 3.98%. The collateral provided was the Honda vehicle purchased by Flyebikemiami Inc. From April 1 to June 26, 2024, the Company paid $1,579 on principal and interest of the loan. (ix) On September 20, 2023, Fly-E Group, Inc obtained a line of credit of $1,000,000 from Bank of Hope with a floating annual interest rate, currently at 8.5%. On the same date, the Company withdrew $391,226 from Bank of Hope to pay off the loan balance with Flushing Bank as of September 15, 2023. On September 22, 2023 and December 12, 2023, the Company withdrew $400,000 and $205,000, respectively, from Bank of Hope to support its business operations. Mr. Zhou Ou, the Company’s Chief Executive Officer, and Mr. Ke Zhang, the Company’s Chief Human Resource Officer, provided a guarantee on this loan. To secure payment and performance of the liabilities, Fly-E Group pledged to Bank of Hope the following items: inventory, chattel paper, accounts, equipment, and general intangibles of first 29 incorporated subsidiaries of the Company. (x) On October 2, 2023, the Company’s subsidiary, Fly14 Corp. obtained a five-year long-term loan of $240,000 from JPMorgan Chase Bank, N.A. with an annual interest rate of 10.40%. To secure payment and performance of the liabilities, Fly14 Corp. pledged to JPMorgan Chase Bank, N.A., a continuing security interest in all of its right, title and interest in all of its properties, whether now owned or hereinafter acquired and whether now existing or hereafter arising. From April 1 to June 26, 2024, the Company paid $10,329 on principal and interest of the loan. |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Income Tax [Abstract] | |
Schedule of Provision for Income Taxes | Significant components of the provision for income taxes are as follows: For the Year Ended 2024 2023 Current Federal $ 474,445 $ 210,924 State 297,885 107,325 City 234,510 54,847 Deferred Federal 158,300 236,200 State 36,300 115,700 City 21,500 96,900 Foreign (40,007 ) — Total $ 1,182,933 $ 821,896 For the Year Ended 2024 2023 Current Federal $ 474,445 $ 210,924 State 297,885 107,325 City 234,510 54,847 Deferred Federal 158,300 236,200 State 36,300 115,700 City 21,500 96,900 Total $ 1,222,940 $ 821,896 For the Year Ended 2024 2023 Current Federal $ — $ — State — — City — — Deferred Federal (22,845 ) — State (17,515 ) — City 353 — Total $ (40,007 ) $ — |
Schedule of Provision for Income Taxes | The provision for income taxes is based on the following pretax income (loss): For the Year Ended 2024 2023 U.S. $ 3,275,797 $ 2,200,467 Canada (197,642 ) - Total $ 3,078,155 $ 2,200,467 |
Schedule of Reconciles to the Company’s Effective Tax Rate | The following table reconciles to the Company’s effective tax rate: For the Year Ended 2024 2023 Pre-tax book income $ 3,078,155 $ 2,200,467 Federal Statutory rate 21.0 % 21.0 % State income tax rate, net of federal income tax benefit 7.9 % 9.5 % City income tax rate, net of federal income tax benefit 5.0 % 6.9 % Foreign statutory rate — — Permanent differences 5.2 % 1.6 % Return to project adjustment (0.8 )% (1.6 )% Total 38.3 % 37.4 % |
Schedule of Deferred Tax Assets | Significant components of DTAs (DTLs), net are as follows: As of As of Net operating loss carry forwards $ 40,332 $ 93,800 Inventory reserve 186,000 155,400 Lease liability 5,810,000 3,702,500 Less: Valuation allowance — — Total deferred tax assets (DTAs) $ 6,036,332 $ 3,951,700 Accumulated depreciation (482,133 ) (230,600 ) ROU asset (5,519,000 ) (3,510,000 ) Total deferred tax liabilities (DTLs) (6,001,133 ) (3,740,600 ) Total deferred tax assets, net $ 35,199 $ 211,100 Deferred tax assets (liabilities) – U.S., net $ (5,000 ) $ 211,100 Deferred tax assets – Canada, net $ 40,199 — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Operating Right-of-Use (“ROU”) Assets and Lease Liabilities | The Company’s operating right-of-use (“ROU”) assets and lease liabilities were as follows: March 31, March 31, Operating ROU: ROU assets $ 16,000,742 $ 10,261,556 Total operating ROU assets $ 16,000,742 $ 10,261,556 March 31, March 31, Operating lease obligations: Current operating lease liabilities $ 2,852,744 $ 1,836,737 Non-current operating lease liabilities 13,986,879 8,979,193 Total lease liabilities $ 16,839,623 $ 10,815,930 |
Schedule of Remaining Lease Term and Discount Rate | Remaining lease term and discount rate: Weighted average discount rate 6.4 % Weighted average remaining lease term (years) 5.51 years Weighted average discount rate 5 % Weighted average remaining lease term (years) 6.47 years |
Schedule of Future Minimum Lease Liabilities | As of March 31, 2024, future minimum lease liabilities, all under office and facilities non-cancellable operating lease agreements, were as follows: As of March 31, 2024 Operating Lease 2025 $ 3,818,603 2026 3,774,838 2027 3,666,143 2028 3,260,536 2029 2,678,719 Thereafter 2,889,477 Total lease payments 20,088,316 Less: interest (3,248,693 ) Present value of lease liabilities $ 16,839,623 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Balances | Accounts receivable — related parties Name of Related Party Relationship Nature March 31, March 31, Fly E Bike SRL Zhou Ou (CEO), owns over 50% equity interest of this entity Accounts receivable $ 326,914 $ 136,565 Accounts receivable — related parties $ 326,914 $ 136,565 Name of Related Party Relationship Nature March 31, March 31, Fly E Bike SRL Zhou Ou (CEO), owns over 50% equity interest of this entity Other receivables $ 180,256 — PJMG LLC Ruifeng Guo (CFO), owns over 50% equity interest of this entity Prepayments $ 60,000 — Prepayments and other receivables – related parties $ 240,256 $ — – Name of Related Party Relationship Nature March 31, March 31, DF Technology US Inc Ruifeng Guo (CFO), owns over 50% equity interest of this entity Long-term prepayment for software development $ 1,279,000 $ — Long-term prepayment for software development — related parties, net $ 1,279,000 $ — Name of Related Party Relationship Nature March 31, 2024 (i) March 31, 2023 (i) Zhou Ou Chairman, CEO of the Company Other payable $ 92,229 $ 332,481 Other Payables-related parties $ 92,229 $ 332,481 Name of Related Party Relationship Nature March 31, March 31, PJMG LLC Ruifeng Guo (CFO) owns over 50% equity interest of this entity Loan payable $ — $ 150,000 Loan Payables-related parties $ — $ 150,000 For the Years ended Name of Related Party Relationship Nature 2024 2023 Fly E Bike SRL Zhou Ou (CEO) owns over 50% equity interest of this entity Product sales $ 326,914 $ 136,565 Revenues-related parties $ 326,914 $ 136,565 |
Description of Business, Orga_3
Description of Business, Organization and Basis of Presentation (Details) - USD ($) | 12 Months Ended | |||
Jun. 25, 2024 | Jun. 07, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Description of Business, Organization and Basis of Presentation [Line Items] | ||||
Working capital | $ 340,000 | |||
Cash | 1,403,514 | $ 358,894 | ||
Net income | 1,895,222 | 1,378,571 | ||
Underwriting discounts | 7,900,000 | |||
Reveived of net proceeds | $ 1,200,000 | |||
Liquidity [Member] | ||||
Description of Business, Organization and Basis of Presentation [Line Items] | ||||
Net income | $ 1,900,000 | $ 1,400,000 | ||
Common Stock [Member] | ||||
Description of Business, Organization and Basis of Presentation [Line Items] | ||||
Price per share (in Dollars per share) | $ 4 | |||
Forecast [Member] | ||||
Description of Business, Organization and Basis of Presentation [Line Items] | ||||
Additional shares (in Shares) | 337,500 | |||
Gross proceeds | $ 1,400,000 | $ 9,000,000 | ||
Forecast [Member] | Common Stock [Member] | ||||
Description of Business, Organization and Basis of Presentation [Line Items] | ||||
Additional shares (in Shares) | 337,500 | |||
Forecast [Member] | IPO [Member] | ||||
Description of Business, Organization and Basis of Presentation [Line Items] | ||||
(in Shares) | 2,250,000 | |||
Gross proceeds | $ 1,400,000 |
Description of Business, Orga_4
Description of Business, Organization and Basis of Presentation (Details) - Schedule of Consolidated Financial Statements | 12 Months Ended |
Mar. 31, 2024 | |
FLY-E GROUP, INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A Delaware corporation ● Incorporated on November 1, 2022 ● A holding company |
Ownership | Parent Company |
FLY EV, INC.[Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A Delaware corporation ● Incorporated on November 1, 2022 ● A holding Company |
Ownership | 100% owned by Fly-E Group, Inc. |
FLY E-BIKE, INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A Delaware Company ● Incorporated on August 22, 2022 ● A holding Company |
Ownership | 100% owned by Fly-E Group, Inc. |
UNIVERSE KING CORP [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on November 19, 2018 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
UFOTS CORP. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on May 2, 2019 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
ARFY CORP. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on April 29, 2020 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
TKPGO CORP. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on July 3, 2018 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYFLS INC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on October 13, 2020 ● A retail store and corporate office |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLY37 INC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on October 14, 2020 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FIYET INC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on November 12, 2020 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLY GC INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on November 13, 2020 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLY MHT INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on December 15, 2020 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYAM INC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on February 19, 2021 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
OFLYO INC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on March 29, 2021 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYEBIKE INC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on March 30, 2021 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYCLB INC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on April 15, 2021 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYEBIKE NJ INC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New Jersey corporation ● Incorporated on June 8, 2021 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
ESEBIKE INC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on October 13, 2021 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYEBIKEMIAMI INC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A Florida corporation ● Incorporated on June 30, 2021 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
GOFLY INC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A Texas corporation ● Incorporated on July 23, 2021 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLY14 CORP. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on September 15, 2021 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
EDISONEBIKE INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on October 13, 2021 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYTRON INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on November 9, 2021 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYCYCLE INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on January 10, 2022 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYNJ2 INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New Jersey corporation ● Incorporated on February 10, 2022 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYBWY INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on March 2, 2022 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYCORONA INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on March 9, 2022 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
MEEBIKE [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on March 25, 2022 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLY6AVE, INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on April 16, 2022 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLY E BIKE NJ3, INC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New Jersey corporation ● Incorporated on July 18, 2022 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYEBIKE BROOKLYN, INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on November 2, 2022 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLY E-BIKE SAN ANTONIO INC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A Texas corporation ● Incorporated on January 1, 2023 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYEBIKE WORLD INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on February 27, 2023 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLY DELIVERY INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on March 2, 2023 ● A delivery store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYEBIKE MIAMI2 INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A Florida corporation ● Incorporated on April 13, 2023 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYDC INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A Washington, DC corporation ● Incorporated on May 31, 2023 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYMHT659 INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on June 2, 2023 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYBX745 INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on June 15, 2023 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYJH8509 INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on August 30, 2023 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYBX2381 INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on August 30, 2023 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYNJ4 INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A New York corporation ● Incorporated on October 4, 2023 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYTORONTO Corp. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A Toronto corporation ● Incorporated on October 18, 2023 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
FLYLA INC. [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Background | ● A California corporation ● Incorporated on December 1, 2023 ● A retail store |
Ownership | 100% owned by Fly E-Bike, Inc. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Federally insured limit | $ 250,000 | $ 250,000 | |
Allowance for credit losses | |||
Impairment loss | 456,209 | 151,378 | |
Construction in progress | 275,000 | ||
Impairment of long-lived assets recognized | |||
Advertising expenses | 64,423 | 49,420 | |
Development costs | $ 7,460 | 80,040 | |
Tax benefit | 50% | ||
Income tax | $ 60,487 | ||
Carrying amount of right-of-use assets | 16,000,742 | 10,261,556 | |
Inventories reserve | 514,021 | 431,363 | $ 279,985 |
Inventories [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Inventories reserve | 279,985 | ||
Warrant [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Accrued expenses and other payables | 27,714 | $ 22,056 | |
Right-of-Use Assets [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Carrying amount of right-of-use assets | $ 0 | ||
SuppliersOne [Member] | Supplier Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Concentration Risk, Percentage | 36% | 33% | |
SuppliersOne [Member] | Supplier Concentration Risk [Member] | Accounts Payable [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Concentration Risk, Percentage | 31% | 55% | |
SuppliersTwo [Member] | Supplier Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Concentration Risk, Percentage | 21% | 21% | |
SuppliersTwo [Member] | Supplier Concentration Risk [Member] | Accounts Payable [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Concentration Risk, Percentage | 26% | 27% | |
SuppliersThree [Member] | Supplier Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Concentration Risk, Percentage | 13% | 12% | |
SuppliersThree [Member] | Supplier Concentration Risk [Member] | Accounts Payable [Member] | |||
Summary of Significant Accounting Policies (Details) [Line Items] | |||
Concentration Risk, Percentage | 23% | 11% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Schedule of Estimated Useful Lives | Mar. 31, 2023 |
Machinery and equipment [Member] | |
Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 5 years |
Furniture and fixtures [Member] | |
Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 5 years |
Motor vehicles [Member] | |
Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 5 years |
Minimum [Member] | Leasehold improvements [Member] | |
Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 3 years |
Minimum [Member] | Property rights [Member] | |
Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 5 years |
Maximum [Member] | Leasehold improvements [Member] | |
Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 10 years |
Maximum [Member] | Property rights [Member] | |
Schedule of Estimated Useful Lives [Line Items] | |
Estimated useful lives | 20 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details) - Schedule of Disaggregated Information of Revenues - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 32,205,666 | $ 21,774,937 |
Sale-retail [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | 26,389,720 | 18,844,921 |
Sale-wholesale [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenues | $ 5,815,946 | $ 2,930,016 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Inventories, Net [Abstract] | ||
Inventory allowance | $ 514,021 | $ 431,363 |
Impairment loss | $ 456,209 | $ 151,378 |
Inventories, Net (Details) - Sc
Inventories, Net (Details) - Schedule of Inventories, Net - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Schedule of Inventories, Net [Line Items] | |||
Inventories | $ 5,878,081 | $ 4,270,117 | |
Inventory reserves | (514,021) | (431,363) | $ (279,985) |
Inventories, net | 5,364,060 | 3,838,754 | |
Batteries [Member] | |||
Schedule of Inventories, Net [Line Items] | |||
Inventories | 1,009,228 | 1,370,513 | |
Electric Vehicles [Member] | |||
Schedule of Inventories, Net [Line Items] | |||
Inventories | 2,634,643 | 2,485,573 | |
Tires [Member] | |||
Schedule of Inventories, Net [Line Items] | |||
Inventories | 687,927 | 414,031 | |
Accessories [Member] | |||
Schedule of Inventories, Net [Line Items] | |||
Inventories | $ 1,546,283 |
Inventories, Net (Details) - _2
Inventories, Net (Details) - Schedule of Movements of Inventory Reserves - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Movements of Inventory Reserves [Abstract] | ||
Beginning balance | $ 431,363 | $ 279,985 |
Addition | 456,209 | 151,378 |
Write off | (373,551) | |
Ending Balance | $ 514,021 | $ 431,363 |
Prepayments and Other Receiva_3
Prepayments and Other Receivables (Details) - Schedule of Prepayments and Other Current Assets - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Schedule of Prepayments and Other Current Assets [Abstract] | ||
Prepaid rent | $ 179,792 | $ 26,332 |
Prepayments to vendors | 143,018 | 647,746 |
Prepaid iCloud Server | 1,747 | |
Prepayments to DMV | 500 | |
Prepaid insurance | 237,207 | 108,241 |
Prepayments to other service providers | 26,896 | |
Total Prepayment and Other Receivables | $ 588,660 | $ 782,819 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property and Equipment, Net [Line Items] | ||
Depreciation expenses | $ 272,708 | $ 145,783 |
Contract price | 2,500,000 | |
Construction in progress | 275,000 | |
Prepayments | 1,279,000 | |
DFT [Member] | ||
Property and Equipment, Net [Line Items] | ||
Construction in progress | $ 900,000 |
Property and Equipment, Net (_2
Property and Equipment, Net (Details) - Schedule of Property and Equipment - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 2,171,352 | $ 1,034,936 |
Less: Accumulated depreciation | (416,330) | (249,651) |
Property and Equipment, net | 1,755,022 | 785,285 |
Furniture & Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 400,558 | 113,485 |
Machinery & Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 212,317 | 103,684 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 306,607 | 242,633 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 976,870 | 575,134 |
Construction in progress-Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 275,000 |
Intangible Assets, Net (Details
Intangible Assets, Net (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Intangible Assets, Net [Abstract] | ||
Amortization expenses | $ 1,648 |
Intangible Assets, Net (Detai_2
Intangible Assets, Net (Details) - Schedule of Intangible Assets - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Schedule of Intangible Assets [Abstract] | ||
Property rights | $ 38,032 | |
Total Intangible assets | 38,032 | |
Less: Accumulated Amortization | (1,648) | |
Intangible assets, net | $ 36,384 |
Accrued Expenses and Other Pa_3
Accrued Expenses and Other Payables (Details) - Schedule of Accrued Expenses and Other Payables - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Schedule of Accrued Expenses and Other Payables [Abstract] | ||
Accrued payroll | $ 121,120 | $ 15,808 |
Advances from customers | 25,099 | 36,396 |
Advances from IGH Holding Inc | 49,000 | |
Accrued warranty | 27,714 | 22,056 |
Payroll tax and sales tax payable | 245,226 | 155,689 |
Accrued store expenses | 21,975 | 123,996 |
Accrued IPO offering cost | 225,000 | 11,717 |
Accrued freight in cost | 107,255 | |
Accrued professional fee | 103,000 | |
Accrued Expenses and Other Current Liabilities | $ 925,389 | $ 365,662 |
Loan Payable (Details)
Loan Payable (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 12, 2023 | Sep. 22, 2023 | Sep. 20, 2023 | Jun. 26, 2024 | Jun. 21, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Oct. 02, 2023 | Jun. 12, 2023 | Feb. 23, 2023 | Jan. 12, 2023 | Jan. 11, 2023 | Jan. 03, 2023 | Oct. 25, 2022 | Aug. 24, 2022 | Jun. 14, 2022 | |
Loan Payable (Details) [Line Items] | ||||||||||||||||
Total interest expenses | $ 152,050 | $ 100,387 | ||||||||||||||
Line of Credit [Member] | Bank of Hope [Member] | ||||||||||||||||
Loan Payable (Details) [Line Items] | ||||||||||||||||
Annual interest rate | 8.50% | |||||||||||||||
Line of credit | $ 1,000,000 | |||||||||||||||
Pay off the loan balance | $ 205,000 | $ 400,000 | $ 391,226 | |||||||||||||
Loans Payable [Member] | Xuper Funding [Member] | ||||||||||||||||
Loan Payable (Details) [Line Items] | ||||||||||||||||
Annual interest rate | 54% | 136% | ||||||||||||||
Short-term loan amount | $ 100,000 | $ 250,000 | ||||||||||||||
Loans Payable [Member] | Flushing Bank [Member] | ||||||||||||||||
Loan Payable (Details) [Line Items] | ||||||||||||||||
Long-term loan amount | $ 500,000 | |||||||||||||||
Annual interest rate | 7% | |||||||||||||||
Loans Payable [Member] | JPMorgan Chase Bank, N.A [Member] | ||||||||||||||||
Loan Payable (Details) [Line Items] | ||||||||||||||||
Long-term loan amount | $ 240,000 | $ 70,000 | $ 230,000 | |||||||||||||
Annual interest rate | 10.40% | 9.80% | 10.35% | |||||||||||||
Loans Payable [Member] | Leaf Capital Funding, LLC [Member] | ||||||||||||||||
Loan Payable (Details) [Line Items] | ||||||||||||||||
Long-term loan amount | $ 63,674 | |||||||||||||||
Annual interest rate | 7% | |||||||||||||||
Loans Payable [Member] | Sinoelite Corp [Member] | ||||||||||||||||
Loan Payable (Details) [Line Items] | ||||||||||||||||
Long-term loan amount | $ 100,000 | |||||||||||||||
Loans Payable [Member] | AutoNation Honda Miami Lakes [Member] | ||||||||||||||||
Loan Payable (Details) [Line Items] | ||||||||||||||||
Long-term loan amount | $ 34,974 | |||||||||||||||
Annual interest rate | 3.98% | |||||||||||||||
Forecast [Member] | Loans Payable [Member] | ||||||||||||||||
Loan Payable (Details) [Line Items] | ||||||||||||||||
Paid principal and interest amount | $10,329 | |||||||||||||||
Forecast [Member] | Loans Payable [Member] | JPMorgan Chase Bank, N.A [Member] | ||||||||||||||||
Loan Payable (Details) [Line Items] | ||||||||||||||||
Paid principal and interest amount | $9,888 | |||||||||||||||
Forecast [Member] | Loans Payable [Member] | Arfy Corp [Member] | ||||||||||||||||
Loan Payable (Details) [Line Items] | ||||||||||||||||
Paid principal and interest amount | $4,455 | |||||||||||||||
Forecast [Member] | Loans Payable [Member] | Leaf Capital Funding, LLC [Member] | ||||||||||||||||
Loan Payable (Details) [Line Items] | ||||||||||||||||
Paid principal and interest amount | $3,785 | |||||||||||||||
Forecast [Member] | Loans Payable [Member] | Flyebikemiami Inc [Member] | ||||||||||||||||
Loan Payable (Details) [Line Items] | ||||||||||||||||
Paid principal and interest amount | $1,579 |
Loan Payable (Details) - Schedu
Loan Payable (Details) - Schedule of Company’s Loans - Loans Payable [Member] - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Schedule of Company’s Loans [Line Items] | |||
Total loan payables | $ 1,626,059 | $ 1,135,452 | |
Current portion of loan payables | (1,213,242) | (412,224) | |
Long-term loan payables | $ 412,817 | 723,228 | |
Flushing Bank [Member] | |||
Schedule of Company’s Loans [Line Items] | |||
Due Date | [1] | Jun. 01, 2027 | |
Total loan payables | [1] | 435,537 | |
Chase Bank [Member] | |||
Schedule of Company’s Loans [Line Items] | |||
Due Date | [2] | Oct. 25, 2027 | |
Total loan payables | [2] | $ 176,366 | 214,529 |
Chase Bank One [Member] | |||
Schedule of Company’s Loans [Line Items] | |||
Due Date | [3] | Jan. 12, 2028 | |
Total loan payables | [3] | $ 56,580 | 68,051 |
Chase Bank Two [Member] | |||
Schedule of Company’s Loans [Line Items] | |||
Due Date | [4] | Sep. 28, 2028 | |
Total loan payables | [4] | $ 221,197 | |
Xuper Funding [Member] | |||
Schedule of Company’s Loans [Line Items] | |||
Due Date | [5],[6] | May 01, 2023 | |
Total loan payables | [5],[6] | 259,072 | |
Leaf Capital Funding, LLC [Member] | |||
Schedule of Company’s Loans [Line Items] | |||
Due Date | [7] | Sep. 30, 2027 | |
Total loan payables | [7] | $ 46,856 | 58,263 |
Sinoelite Corp [Member] | |||
Schedule of Company’s Loans [Line Items] | |||
Due Date | [8] | Apr. 03, 2024 | |
Total loan payables | [8] | $ 100,000 | 100,000 |
Automobile Loan – Honda [Member] | |||
Schedule of Company’s Loans [Line Items] | |||
Due Date | [9] | Jun. 25, 2027 | |
Total loan payables | [9] | $ 28,833 | |
Bank of Hope [Member] | |||
Schedule of Company’s Loans [Line Items] | |||
Due Date | [10] | Sep. 15, 2024 | |
Total loan payables | [10] | $ 391,227 | |
Bank of Hope One [Member] | |||
Schedule of Company’s Loans [Line Items] | |||
Due Date | [10] | Sep. 22, 2024 | |
Total loan payables | [10] | $ 400,000 | |
Bank of Hope Two [Member] | |||
Schedule of Company’s Loans [Line Items] | |||
Due Date | [10] | Dec. 12, 2024 | |
Total loan payables | [10] | $ 205,000 | |
[1]On June 14, 2022, Ctate (now merged into Fly E-Bike, Inc.) obtained a five-year long-term loan of $500,000 from Flushing Bank with an annual interest rate of 7%. The collateral provided includes all of Ctate’s inventory, accounts, notes, machinery, equipment, fixtures and other products, and any proceeds and products generated from these items in any form. On September 20, 2023, the Company paid off this loan in full.[2]On October 25, 2022, the Company’s subsidiary, Universe King Corp. obtained a five-year long-term loan of $230,000 from JPMorgan Chase Bank, N.A. with an annual interest rate of 10.35%. Mr. Ke Zhang, the Company’s Chief Human Resource Officer, provided a guarantee on this loan. To secure payment and performance of the liabilities, Universe King Corp. pledged to JPMorgan Chase Bank, N.A., a continuing security interest in all of its right, title and interest in all of its properties, whether now owned or hereinafter acquired and whether now existing or hereafter arising. From April 1 to June 26, 2024, the Company paid $9,888 on principal and interest of the loan.[3]On January 12, 2023, the Company’s subsidiary, Arfy Corp. obtained a five-year long-term loan of $70,000 from JPMorgan Chase Bank, N.A. with an annual interest rate of 9.8%. Mr. Tong Chen, an original stockholder of the Company, provided a guarantee on this loan. To secure payment and performance of the liabilities, Arfy Corp. pledged to JPMorgan Chase Bank, N.A., a continuing security interest in all of its right, title and interest in all of its properties, whether now owned or hereinafter acquired and whether now existing or hereafter arising. From April 1 to June 26, 2024, the Company paid $4,455 on principal and interest of the loan.[4]On October 2, 2023, the Company’s subsidiary, Fly14 Corp. obtained a five-year long-term loan of $240,000 from JPMorgan Chase Bank, N.A. with an annual interest rate of 10.40%. To secure payment and performance of the liabilities, Fly14 Corp. pledged to JPMorgan Chase Bank, N.A., a continuing security interest in all of its right, title and interest in all of its properties, whether now owned or hereinafter acquired and whether now existing or hereafter arising. From April 1 to June 26, 2024, the Company paid $10,329 on principal and interest of the loan.[5]On February 23, 2023, Fly E-Bike, Inc. obtained a seven-month short-term loan of $100,000 from Xuper Funding with an annual interest rate of 54%. On May 1, 2023, the Company paid off this loan in full.[6]On January 11, 2023, Fly E-Bike, Inc. obtained a seven-month short-term loan of $250,000 from Xuper Funding with annual interest rate of 136%. On May 1, 2023, the Company paid off this loan in full.[7]On August 24, 2022, Universe King Corp. obtained a five-year long-term loan of $63,674 from Leaf Capital Funding, LLC with an annual interest rate of 7.0%. The collateral provided included the Fuso trucks, whether now owned or hereafter acquired by Universe King Corp., and together with all accessories, accessions, attachments thereto, and all other substitutions, renewals, replacements and improvements and all proceeds of the foregoing. From April 1 to June 26, 2024, the Company paid $3,785 on principal and interest of the loan.[8]On January 3, 2023, Fly E-Bike, Inc. obtained a one-year and three-month long-term loan of $100,000 from Sinoelite Corp with no interest. On April 25, 2024, the Company paid off this loan in full.[9]On June 12, 2023, Flyebikemiami Inc obtained a four-year long-term loan of $34,974 from AutoNation Honda Miami Lakes with an annual interest rate of 3.98%. The collateral provided was the Honda vehicle purchased by Flyebikemiami Inc. From April 1 to June 26, 2024, the Company paid $1,579 on principal and interest of the loan.[10]On September 20, 2023, Fly-E Group, Inc obtained a line of credit of $1,000,000 from Bank of Hope with a floating annual interest rate, currently at 8.5%. On the same date, the Company withdrew $391,226 from Bank of Hope to pay off the loan balance with Flushing Bank as of September 15, 2023. On September 22, 2023 and December 12, 2023, the Company withdrew $400,000 and $205,000, respectively, from Bank of Hope to support its business operations. Mr. Zhou Ou, the Company’s Chief Executive Officer, and Mr. Ke Zhang, the Company’s Chief Human Resource Officer, provided a guarantee on this loan. To secure payment and performance of the liabilities, Fly-E Group pledged to Bank of Hope the following items: inventory, chattel paper, accounts, equipment, and general intangibles of first 29 incorporated subsidiaries of the Company. |
Stockholder_s Equity (Details)
Stockholder’s Equity (Details) - USD ($) | 12 Months Ended | ||||
Mar. 27, 2024 | Jun. 30, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | ||
Stockholder’S Equity [Line Items] | |||||
Common stock, shares authorized | [1] | 44,000,000 | 44,000,000 | ||
Common stock, par value (in Dollars per share) | [1] | $ 0.01 | $ 0.01 | ||
Preferred stock, par value (in Dollars per share) | [1] | $ 0.01 | $ 0.01 | ||
Common stock, shares outstanding | [1] | 22,000,000 | 22,000,000 | ||
Stock split | 1-for-110,000 | ||||
Shares subscription receivable (in Dollars) | $ 219,998 | $ 219,998 | |||
Accounts payable (in Dollars) | $ 2,260,000 | ||||
Capital contribution (in Dollars) | $ 140,000 | $ 2,400,000 | |||
Minimum [Member] | |||||
Stockholder’S Equity [Line Items] | |||||
Number of authorized shares | 40 | ||||
Maximum [Member] | |||||
Stockholder’S Equity [Line Items] | |||||
Number of authorized shares | 4,400,000 | ||||
Common Stock [Member] | Minimum [Member] | |||||
Stockholder’S Equity [Line Items] | |||||
Number of authorized shares | 440 | ||||
Common Stock [Member] | Maximum [Member] | |||||
Stockholder’S Equity [Line Items] | |||||
Number of authorized shares | 48,400,000 | ||||
Preferred Stock [Member] | Minimum [Member] | |||||
Stockholder’S Equity [Line Items] | |||||
Number of authorized shares | 400 | ||||
Preferred Stock [Member] | Maximum [Member] | |||||
Stockholder’S Equity [Line Items] | |||||
Number of authorized shares | 44,000,000 | ||||
Common Stock [Member] | |||||
Stockholder’S Equity [Line Items] | |||||
Common stock, shares authorized | 400 | ||||
Common stock, par value (in Dollars per share) | $ 0.01 | ||||
Common stock, shares issued | 200 | ||||
Common stock, shares outstanding | 200 | ||||
Preferred Stock [Member] | |||||
Stockholder’S Equity [Line Items] | |||||
Preferred stock, shares issued | 40 | ||||
Preferred stock, par value (in Dollars per share) | $ 0.01 | ||||
[1]Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance on December 21, 2022 and to give effect to the stock split completed on April 2, 2024. |
Income Tax (Details)
Income Tax (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax [Line Items] | ||
Corporate income taxes rate | 21% | 21% |
Income tax rate | 7.90% | 9.50% |
Income tax expenses | $ 1,182,933 | $ 821,896 |
Pre-tax income | 3,078,155 | 2,200,467 |
Accrued income tax | 60,487 | |
Deferred tax assets, net | 35,199 | 211,100 |
Deferred tax assets | 6,036,332 | 3,951,700 |
Net operating loss carryforwards | 40,000 | 90,000 |
Deferred rent | 5,810,000 | |
Inventory allowance | 186,000 | 155,400 |
Deferred tax liabilities | 6,001,133 | 3,740,600 |
Accumulated depreciation | 482,133 | 230,600 |
ROU asset | 5,519,000 | 3,510,000 |
Deferred tax liabilities | $ 40,000 | 210,000 |
Carried forward period | 20 years | |
Deferred Tax Assets (Liabilities) [Member] | ||
Income Tax [Line Items] | ||
Deferred tax assets, net | $ 35,199 | |
Deferred rent | 3,700,000 | |
UNITED STATES | ||
Income Tax [Line Items] | ||
Corporate income taxes rate | 21% | |
Income tax expenses | $ 1,222,940 | 821,896 |
Pre-tax income | 3,300,000 | |
Pre-tax book income | $ 3,080,000 | 2,200,000 |
New York [Member] | ||
Income Tax [Line Items] | ||
Income tax rate | 8.45% | |
New York [Member] | Domestic Tax Jurisdiction [Member] | ||
Income Tax [Line Items] | ||
Income tax rate | 6.50% | |
New Jersey [Member] | ||
Income Tax [Line Items] | ||
Income tax rate | 9% | |
Texas [Member] | ||
Income Tax [Line Items] | ||
Income tax rate | 0.75% | |
California [Member] | ||
Income Tax [Line Items] | ||
Income tax rate | 8.84% | |
District of columbiya [Member] | ||
Income Tax [Line Items] | ||
Income tax rate | 8.25% | |
CANADA | ||
Income Tax [Line Items] | ||
Corporate income taxes rate | 15% | |
Income tax rate | 11.50% | |
Income tax expenses | $ (40,007) | |
Pre-tax income | 200,000 | |
Deferred tax assets, net | 211,100 | |
Pre-tax book loss | $ 0.2 | |
One Subsidiary [Member] | Florida [Member] | ||
Income Tax [Line Items] | ||
Income tax rate | 5.50% |
Income Tax (Details) - Schedul
Income Tax (Details) - Schedule of Components of the Provision for Income Taxes - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Current | ||
Federal | $ 474,445 | $ 210,924 |
State | 297,885 | 107,325 |
City | 234,510 | 54,847 |
Deferred | ||
Federal | 158,300 | 236,200 |
State | 36,300 | 115,700 |
City | 21,500 | 96,900 |
Foreign | (40,007) | |
Total | 1,182,933 | 821,896 |
United States [Member] | ||
Current | ||
Federal | 474,445 | 210,924 |
State | 297,885 | 107,325 |
City | 234,510 | 54,847 |
Deferred | ||
Federal | 158,300 | 236,200 |
State | 36,300 | 115,700 |
City | 21,500 | 96,900 |
Total | 1,222,940 | 821,896 |
Canada [Member] | ||
Current | ||
Federal | ||
State | ||
City | ||
Deferred | ||
Federal | (22,845) | |
State | (17,515) | |
City | 353 | |
Total | $ (40,007) |
Income Tax (Details) - Sched_2
Income Tax (Details) - Schedule of Provision for Income Taxes - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Provision for Income Taxes [Abstract] | ||
U.S. | $ 3,275,797 | $ 2,200,467 |
Canada | (197,642) | |
Total | $ 3,078,155 | $ 2,200,467 |
Income Tax (Details) - Sched_3
Income Tax (Details) - Schedule of Reconciles to Company’s Effective Tax Rate - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Schedule of Reconciles to Company’s Effective Tax Rate [Abstract] | ||
Pre-tax book income (in Dollars) | $ 3,078,155 | $ 2,200,467 |
Federal Statutory rate | 21% | 21% |
State income tax rate, net of federal income tax benefit | 7.90% | 9.50% |
City income tax rate, net of federal income tax benefit | 5% | 6.90% |
Foreign statutory rate | ||
Permanent differences | 5.20% | 1.60% |
Return to project adjustment | (0.80%) | (1.60%) |
Total | 38.30% | 37.40% |
Income Tax (Details) - Sched_4
Income Tax (Details) - Schedule of Deferred Tax Assets - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Income Tax (Details) - Schedule of Deferred Tax Assets [Line Items] | ||
Net operating loss carry forwards | $ 40,332 | $ 93,800 |
Inventory reserve | 186,000 | 155,400 |
Lease liability | 5,810,000 | 3,702,500 |
Less: Valuation allowance | ||
Total deferred tax assets (DTAs) | 6,036,332 | 3,951,700 |
Accumulated depreciation | (482,133) | (230,600) |
ROU asset | (5,519,000) | (3,510,000) |
Total deferred tax liabilities (DTLs) | (6,001,133) | (3,740,600) |
Total deferred tax assets, net | 35,199 | 211,100 |
Deferred tax assets – Canada, net | 35,199 | 211,100 |
United States [Member] | ||
Income Tax (Details) - Schedule of Deferred Tax Assets [Line Items] | ||
Deferred tax assets (liabilities) – U.S., net | (5,000) | 211,100 |
Canada [Member] | ||
Income Tax (Details) - Schedule of Deferred Tax Assets [Line Items] | ||
Deferred tax assets – Canada, net | $ 40,199 |
Leases (Details)
Leases (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Leases [Line Items] | ||
Number of leases | 38 | 31 |
Lease expenses | $ 3,310 | $ 2,340 |
Cost of goods-occupancy cost | 660 | 480 |
Rent expense in selling expense | 2,420 | 1,740 |
Rent expense in general and administrative expense | $ 230 | $ 120 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Operating Right-of-Use (“ROU”) Assets and Lease Liabilities - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Operating ROU: | ||
ROU assets | $ 16,000,742 | $ 10,261,556 |
Total operating ROU assets | 16,000,742 | 10,261,556 |
Operating lease obligations: | ||
Current operating lease liabilities | 2,852,744 | 1,836,737 |
Non-current operating lease liabilities | 13,986,879 | 8,979,193 |
Total lease liabilities | $ 16,839,623 | $ 10,815,930 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of Remaining Lease Term and Discount Rate | Mar. 31, 2024 | Mar. 31, 2023 |
Schedule of Remaining Lease Term and Discount Rate [Abstract] | ||
Weighted average discount rate | 6.40% | 5% |
Weighted average remaining lease term (years) | 5 years 6 months 3 days | 6 years 5 months 19 days |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of Future Minimum Lease Liabilities - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Schedule of Future Minimum Lease Liabilities [Abstract] | ||
2025 | $ 3,818,603 | |
2026 | 3,774,838 | |
2027 | 3,666,143 | |
2028 | 3,260,536 | |
2029 | 2,678,719 | |
Thereafter | 2,889,477 | |
Total lease payments | 20,088,316 | |
Less: interest | (3,248,693) | |
Present value of lease liabilities | $ 16,839,623 | $ 10,815,930 |
Commitments and Contingencies (
Commitments and Contingencies (Details) | Mar. 31, 2024 USD ($) |
commitments and contingencies [Line Items] | |
Remaining commitment amount | $ 946,000 |
Commitment amount | 3,144,000 |
Mortgage reset | 1,554,300 |
Office Property [Member] | |
commitments and contingencies [Line Items] | |
Commitment amount | $ 1,589,700 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | |||||||
Jun. 30, 2024 | Jun. 12, 2024 | Jul. 18, 2023 | Jun. 30, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Feb. 01, 2023 | |
Related Party Transactions (Details) [Line Items] | ||||||||
Advance from related party | $ 291,756 | |||||||
Prepayment for software development | 1,279,000 | |||||||
Construction amount | 275,000 | |||||||
Remaining prepayments | 60,000 | |||||||
Accounts payable | $ 2,263,630 | |||||||
Cash contribution | $ 136,370 | 136,370 | ||||||
Paid to vendor | $ 50,000 | |||||||
Capital contribution | 2,400,000 | |||||||
Consulting fees | 100,000 | 25,000 | ||||||
Tax services | 123,000 | |||||||
Fly E Bike SRL [Member] | ||||||||
Related Party Transactions (Details) [Line Items] | ||||||||
Payment received | $ 282,814 | |||||||
Advance from related party | (291,756) | |||||||
Repaid amount of SRL | $ 180,256 | 111,500 | ||||||
Purchased certain EV products | 326,914 | 136,565 | ||||||
Mr. Zhou Ou [Member[ | ||||||||
Related Party Transactions (Details) [Line Items] | ||||||||
Unsecured amount | 290,252 | $ 2,496,323 | ||||||
PJMG LLC [Member] | ||||||||
Related Party Transactions (Details) [Line Items] | ||||||||
Long-term loan amount | 150,000 | $ 150,000 | ||||||
Prepayment of long term debt | $ 210,000 | |||||||
Mr. Ou holds [Member] | ||||||||
Related Party Transactions (Details) [Line Items] | ||||||||
Equity interest, percentage | 50% | |||||||
Mr. Guo [Member] | ||||||||
Related Party Transactions (Details) [Line Items] | ||||||||
Equity interest, percentage | 50% | |||||||
CFO [Member] | PJMG LLC [Member] | ||||||||
Related Party Transactions (Details) [Line Items] | ||||||||
Equity interest, percentage | 50% |
Related Party Transactions (D_2
Related Party Transactions (Details) - Schedule of Related Party Balances - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fly E Bike SRL [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship, Accounts receivable — related parties | Zhou Ou (CEO), owns over 50% equity interest of this entity | |
Nature, Accounts receivable — related parties | Accounts receivable | |
Accounts receivable — related parties | $ 326,914 | $ 136,565 |
Relationship, Prepayments and other receivables – related parties | Zhou Ou (CEO), owns over 50% equity interest of this entity | |
Nature, Prepayments and other receivables – related parties | Other receivables | |
Prepayments and other receivables – related parties | $ 180,256 | |
Relationship, Revenues-related parties | Zhou Ou (CEO) owns over 50% equity interest of this entity | |
Nature, Revenues-related parties | Product sales | |
Revenues-related parties | $ 326,914 | 136,565 |
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts receivable — related parties | 326,914 | 136,565 |
Prepayments and other receivables – related parties | 240,256 | |
Long-term prepaid expenses and other non-current assets — related parties, net | 1,279,000 | |
Other Payables-related parties | 92,229 | 332,481 |
Loan Payables-related parties | 150,000 | |
Revenues-related parties | $ 326,914 | 136,565 |
PJMG LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship, Prepayments and other receivables – related parties | Ruifeng Guo (CFO), owns over 50% equity interest of this entity | |
Nature, Prepayments and other receivables – related parties | Prepayments | |
Prepayments and other receivables – related parties | $ 60,000 | |
Relationship, Loan Payables-related parties | Ruifeng Guo (CFO) owns over 50% equity interest of this entity | |
Nature, Loan Payables-related parties | Loan payable | |
Loan Payables-related parties | 150,000 | |
DF Technology US Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship, Long-term prepaid expenses and other non-current assets — related parties, net | Ruifeng Guo (CFO), owns over 50% equity interest of this entity | |
Nature, Long-term prepaid expenses and other non-current assets — related parties, net | Long-term prepayment for software development | |
Long-term prepaid expenses and other non-current assets — related parties, net | $ 1,279,000 | |
Zhou Ou [Member] | ||
Related Party Transaction [Line Items] | ||
Relationship, Other Payables-related parties | Chairman, CEO of the Company | |
Nature, Other Payables-related parties | Other payable | |
Other Payables-related parties | $ 92,229 | $ 332,481 |
Subsequent Events (Details)
Subsequent Events (Details) - Forecast [Member] - USD ($) | Jun. 25, 2024 | Jun. 07, 2024 | Jun. 14, 2024 | Apr. 25, 2024 |
Subsequent Events [Line Items] | ||||
Gross proceeds | $ 1,400,000 | $ 9,000,000 | ||
Purchase of additional shares (in Shares) | 337,500 | |||
Initial public offering | $ 9,200,000 | |||
Purchase of warrants (in Shares) | 129,375 | |||
Sinoelite Corp [Member] | ||||
Subsequent Events [Line Items] | ||||
Loan paid | $ 100,000 | |||
Taptalk LLC [Member] | ||||
Subsequent Events [Line Items] | ||||
Loan paid | $ 160,500 | |||
Common Stock [Member] | ||||
Subsequent Events [Line Items] | ||||
Shares of common stock (in Shares) | 2,250,000 | |||
Common stock price per share (in Dollars per share) | $ 4 | |||
Purchase of additional shares (in Shares) | 337,500 |