72 results
10-Q
2025 Q1
FLYE
Fly-E Group, Inc. Common Stock
16 Aug 24
Quarterly report
4:15pm
(Expressed in U.S. dollars, except for the number of shares)
June 30, 2024 | March 31, 2024 | |||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash | $ | 4,467,868 | $ | 1,403,514 | ||||
Accounts receivable | 371,916 | 212,804 | ||||||
Accounts receivable – related parties | 47,742 | 326,914 | ||||||
Inventories, net | 6,089,083 | 5,364,060 | ||||||
Prepayments and other receivables | 2,654,196 | 588,660 | ||||||
Prepayments and other receivables – related parties | 240,162 | 240,256 | ||||||
Total Current Assets | 13,870,967 | 8,136,208 | ||||||
Property and equipment, net | 2,011,495 | 1,755,022 | ||||||
Security deposits | 805,435 | 781,581 | ||||||
Deferred IPO costs | - | 502,198 | ||||||
Deferred tax assets, net | 94,298 | 35,199 | ||||||
Operating lease right-of-use assets | 15,757,380 | 16,000,742 | ||||||
Intangible assets, net | 35,433 | 36,384 | ||||||
Long-term prepayment for property | 569,700 | 450,000 | ||||||
Long-term prepayment for software development– related parties | 2,054,000 | 1,279,000 | ||||||
Total Assets | $ | 35,198,708 | $ | 28,976,334 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 406,449 | $ | 1,180,796 | ||||
Current portion of long-term loan payables | 1,116,044 | 1,213,242 | ||||||
Accrued expenses and other payables | 422,098 | 925,389 | ||||||
Other payables – related parties | 2,229 | 92,229 | ||||||
Operating lease liabilities – current | 3,092,721 | 2,852,744 | ||||||
Taxes payable | 1,131,009 | 1,530,416 | ||||||
Total Current Liabilities | 6,170,550 | 7,794,816 | ||||||
Long-term loan payables | 381,890 | 412,817 | ||||||
Operating lease liabilities – non-current | 13,675,379 | 13,986,879 | ||||||
Total Liabilities | 20,227,819 | 22,194,512 | ||||||
Commitment and Contingencies | ||||||||
Stockholders’ Equity | ||||||||
Preferred stock, $0.01 par value, 4,400,000 shares authorized and nil outstanding as of June 30, 2024 and March 31, 2024* | — | — | ||||||
Common stock, $0.01 par value, 44,000,000 shares authorized and 24,587,500 shares outstanding as of June 30, 2024 and 22,000,000 shares outstanding as of March 31, 2024* | 245,875 | 220,000 | ||||||
Additional Paid-in Capital | 10,744,024 | 2,400,000 | ||||||
Shares Subscription Receivable | (219,998) | (219,998) | ||||||
Retained Earnings | 4,216,141 | 4,395,649 | ||||||
Accumulated other comprehensive loss | (15,153) | (13,829) | ||||||
Total FLY-E Group, Inc. Stockholders’ Equity | 14,970,889 | 6,781,822 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 35,198,708 | $ | 28,976,334 |
10-Q
2025 Q1
FLYE
Fly-E Group, Inc. Common Stock
16 Aug 24
Quarterly report
4:15pm
(Expressed in U.S. dollars, except for the number of shares)
For the Three Months Ended June 30, | ||||||||
2024 | 2023 | |||||||
Revenues | $ | 7,873,426 | $ | 7,842,346 | ||||
Cost of Revenues | 4,773,792 | 5,119,631 | ||||||
Gross Profit | 3,099,634 | 2,722,715 | ||||||
Operating Expenses | ||||||||
Selling Expenses | 1,612,495 | 1,083,106 | ||||||
General and Administrative Expenses | 1,532,638 | 872,065 | ||||||
Total Operating Expenses | 3,145,133 | 1,955,171 | ||||||
(Loss) Income from Operations | (45,499) | 767,544 | ||||||
Other Income (Expenses), net | 6,518 | (11,078) | ||||||
Interest Expenses, net | (68,082) | (32,623) | ||||||
(Loss) Income Before Income Taxes | (107,063) | 723,843 | ||||||
Income Tax Expense | (72,445) | (283,400) | ||||||
Net (Loss) Income | $ | (179,508) | $ | 440,443 | ||||
Other Comprehensive Income (Loss) | ||||||||
Foreign currency translation adjustment | (1,324) | — | ||||||
Total Comprehensive (Loss) Income | $ | (180,832) | $ | 440,443 | ||||
(Losses) Earnings per Share* | $ | (0.01) | $ | 0.02 | ||||
Weighted Average Number of Common Stock | ||||||||
– Basic and Diluted* | 22,636,250 | 22,000,000 |
10-Q
2025 Q1
FLYE
Fly-E Group, Inc. Common Stock
16 Aug 24
Quarterly report
4:15pm
The following table reconciles to the Company’s effective tax rate:
For the Three Months Ended June 30 | ||||||||
2024 | 2023 | |||||||
Pre-tax book (loss) income | $ | (107,063) | $ | 723,843 | ||||
Federal Statutory rate | 21.0 | % | 21.0 | % | ||||
State income tax rate, net of federal income tax benefit | (11.4 | )% | 7.4 | % | ||||
City income tax rate, net of federal income tax benefit | (0.4 | )% | 4.9 | % | ||||
Foreign statutory rate | (0.1 | )% | — | |||||
Permanent differences | (76.8 | )% | 5.7 | % | ||||
Return to project adjustment | 0.1 | % | 0.2 | % | ||||
Total | (67.6 | )% | 39.2 | % |
10-Q
2025 Q1
FLYE
Fly-E Group, Inc. Common Stock
16 Aug 24
Quarterly report
4:15pm
Net DTAs as of June 30, 2024 and March 31, 2024 amounted to $94,298 and $35,199, respectively. Significant components of DTAs (DTLs), net are as follows:
As of June 30, 2024 | As of March 31, 2024 | |||||||
Net operating loss carry forwards | $ | 40,772 | $ | 40,332 | ||||
Inventory reserve | 198,000 | 186,000 | ||||||
Lease liability | 5,758,000 | 5,810,000 | ||||||
Less: Valuation allowance | — | — | ||||||
Total deferred tax assets (DTAs) | $ | 5,996,772 | $ | 6,036,332 | ||||
Accumulated depreciation | (494,474) | (482,133) | ||||||
ROU asset | (5,408,000) | (5,519,000) | ||||||
Total deferred tax liabilities (DTLs) | (5,902,474) | (6,001,133) | ||||||
Total deferred tax assets, net | $ | 94,298 | $ | 35,199 | ||||
Deferred tax assets (liabilities) – U.S., net | $ | 54,000 | $ | (5,000) | ||||
Deferred tax assets – Canada, net | $ | 40,298 | 40,199 |
10-Q
2025 Q1
FLYE
Fly-E Group, Inc. Common Stock
16 Aug 24
Quarterly report
4:15pm
The following table sets forth the components of our EBITDA for the three months ended June 30, 2024 and 2023:
For the Three Months Ended June 30, | ||||||||||||||||
2024 | 2023 | Change | Percentage Change | |||||||||||||
(Loss) Income from Operations | $ | (179,508) | $ | 440,443 | $ | (619,951) | (140.8 | )% | ||||||||
Income Tax provision | 72,445 | 283,400 | (210,955) | (74.4 | )% | |||||||||||
Depreciation | 95,051 | 63,668 | 31,383 | 49.3 | % | |||||||||||
Interest Expenses | 68,082 | 32,623 | 35,459 | 108.7 | % | |||||||||||
Amortization | 951 | — | 951 | 100.0 | % | |||||||||||
EBITDA | $ | 57,021 | $ | 820,134 | $ | (763,113) | (93.0 | )% | ||||||||
Percentage of Revenue | 0.7 | % | 10.5 | % | (9.7 | )% |
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