Fly-E Group, Inc. Files 2024 Annual Report on Nasdaq

Ticker: FLYE · Form: 10-K · Filed: Jun 28, 2024 · CIK: 1975940

Sentiment: neutral

Topics: annual-report, sec-filing, nasdaq

Related Tickers: FLYE

TL;DR

FLY-E filed its 2024 10-K, all good on Nasdaq.

AI Summary

Fly-E Group, Inc. filed its annual report for the fiscal year ended March 31, 2024. The company's common stock trades on The Nasdaq Stock Market LLC under the ticker FLYE. The filing indicates that Fly-E Group, Inc. has met its filing requirements for the preceding 12 months and the past 90 days.

Why It Matters

This 10-K filing provides a comprehensive overview of Fly-E Group, Inc.'s financial performance and operational status for the past fiscal year, crucial for investors and stakeholders.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not contain immediate red flags or significant negative disclosures.

Key Players & Entities

FAQ

What is the primary purpose of this Form 10-K filing for Fly-E Group, Inc.?

The Form 10-K is an annual report required by the SEC for the fiscal year ended March 31, 2024, providing a comprehensive overview of the company's financial performance and operations.

On which stock exchange is Fly-E Group, Inc.'s common stock traded?

Fly-E Group, Inc.'s common stock is traded on The Nasdaq Stock Market LLC.

What is the trading symbol for Fly-E Group, Inc.'s common stock?

The trading symbol for Fly-E Group, Inc.'s common stock is FLYE.

Has Fly-E Group, Inc. met its filing requirements for the past 12 months?

Yes, the filing indicates that Fly-E Group, Inc. has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

What is the par value of Fly-E Group, Inc.'s common stock?

The par value of Fly-E Group, Inc.'s common stock is $0.01 per share.

Filing Stats: 4,559 words · 18 min read · ~15 pages · Grade level 13.2 · Accepted 2024-06-27 18:59:51

Key Financial Figures

Filing Documents

Risk Factors

Item 1A. Risk Factors 12

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 27

Cybersecurity

Item 1C. Cybersecurity 27

Properties

Item 2. Properties 28

Legal Proceedings

Item 3. Legal Proceedings 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28 Part II 29

Market for Registrant's Common Equity, Related Stockholder Matters

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29

[Reserved]

Item 6. [Reserved] 29

Management's Discussion and Analysis of Financial Condition and

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 40

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 40

Changes in and Disagreements with Accountants on Accounting and Financial

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 40

Controls and Procedures

Item 9A. Controls and Procedures 40

Other Information

Item 9B. Other Information 40

Disclosure Regarding Foreign Jurisdiction that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections. 40 Part III 41

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 41

Executive Compensation

Item 11. Executive Compensation 45

Security Ownership of Certain Beneficial Owner and Management and Related

Item 12. Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 49

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 50

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 51 Part IV 52

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 52

Form 10-K Summary

Item 16. Form 10-K Summary 52

Signatures

Signatures 54 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This annual report, including, without limitation, includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking "anticipates," "expects," "intends," "plans," "may," "will," "potential," "projects," "predicts," "continue," or "should," or, in each case, their negative or other variations or comparable terminology. These statements are based on management's current expectations, but actual results may differ materially due to various factors, including, but not limited to: our ability to obtain additional funding to market our vehicles and develop new products; our ability to produce our vehicles with sufficient volume and quality to satisfy customers; the inability of our principal vendors to deliver the necessary components for our vehicles at prices and volumes acceptable to us; our principal vendors failing to perform quality control on our products; the inability to obtain sufficient intellectual property protection for our brand and technologies; our vehicles failing to perform as expected; our facing product warranty claims or product recalls; our facing adverse determinations in significant product liability claims; customers not adopting electric vehicles; the development of alternative technology that adversely affects our business; the lingering impact of COVID-19 on our business; increased government regulation of our industry; and tariffs and currency exchange rates. The forward-looking statements contained in this annual report are based on o

Business

Item 1. Business Overview Fly-E Group, Inc. ("Fly-E Group," and collectively with its subsidiaries, the "Company," "we" or similar terminology), is an electric vehicle ("EV") company that is principally engaged in designing, installing and selling smart electric motorcycles ("E-motorcycles"), electric bikes ("E-bikes"), electric scooters ("E-scooters") and related accessories under the brand "Fly E-Bike." At Fly E-Bike, our commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately contributing towards building a more environmentally friendly future. Our first store was established in 2018 in New York. Our business has grown rapidly since then and we believe we are now one of the leading providers of E-bikes for food delivery workers in New York online store at flyebike.com, focusing on selling E-motorcycles, E-bikes and E-scooters, serving customers in the United States. In addition, we plan to open a second online store focusing on selling gas bikes in the future. We plan to expand our presence in the United States and extend our business into South America and Europe. We have a diversified product portfolio that is designed to satisfy the various demands of our customers and address different urban travel scenarios. Additionally, we aim to refresh our product offerings continuously to align with evolving market trends. As of June 27, 2024, we offered 21 E-motorcycle products, 21 E-bike products and 34 E-scooter products. We build our smart E-bikes based on advanced and innovative technologies, including smart technologies, powertrain and battery technologies and automotive inspired functionalities. Adhering to our user-centric philosophy in product design, we collect user feedback and product performance data to develop new products or functionalities to satisfy unmet

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