Fly-E Group Files Q2 2024 10-Q Report
Ticker: FLYE · Form: 10-Q · Filed: Aug 16, 2024 · CIK: 1975940
Sentiment: neutral
Topics: 10-Q, quarterly-report, manufacturing
TL;DR
Fly-E Group filed its Q2 2024 10-Q. Details on auto manufacturing operations in NY.
AI Summary
Fly-E Group, Inc. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, incorporated in Delaware, is involved in the manufacturing of motor vehicles and passenger car bodies. Its principal executive offices are located in Flushing, New York.
Why It Matters
This filing provides investors with an update on Fly-E Group's financial performance and operational status for the second quarter of 2024.
Risk Assessment
Risk Level: low — This is a standard quarterly filing with no immediate red flags or significant new disclosures.
Key Players & Entities
- Fly-E Group, Inc. (company) — Registrant
- June 30, 2024 (date) — Quarterly period end date
- Delaware (jurisdiction) — State of incorporation
- 92-0981080 (identifier) — IRS Employer Identification No.
- 136-40 39th Avenue Flushing, New York 11354 (address) — Principal executive offices
- (929) 410-2770 (phone_number) — Registrant's telephone number
FAQ
What is the primary business of Fly-E Group, Inc.?
Fly-E Group, Inc. is primarily involved in the manufacturing of motor vehicles and passenger car bodies, as indicated by its Standard Industrial Classification code 3711.
For what period is this 10-Q report filed?
This 10-Q report is filed for the quarterly period ended June 30, 2024.
In which state was Fly-E Group, Inc. incorporated?
Fly-E Group, Inc. was incorporated in Delaware.
What is the address of Fly-E Group's principal executive offices?
The principal executive offices of Fly-E Group are located at 136-40 39th Avenue, Flushing, New York 11354.
What is the Commission file number for Fly-E Group, Inc.?
The Commission file number for Fly-E Group, Inc. is 001-42122.
Filing Stats: 4,555 words · 18 min read · ~15 pages · Grade level 12.8 · Accepted 2024-08-16 16:15:29
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value per share FLYE The Nasdaq Sto
Filing Documents
- ea0211101-10q_flyegroup.htm (10-Q) — 857KB
- ea021110101ex3-1_flyegroup.htm (EX-3.1) — 36KB
- ea021110101ex10-1_flyegroup.htm (EX-10.1) — 353KB
- ea021110101ex10-2_flyegroup.htm (EX-10.2) — 11KB
- ea021110101ex10-3_flyegroup.htm (EX-10.3) — 44KB
- ea021110101ex31-1_flyegroup.htm (EX-31.1) — 10KB
- ea021110101ex31-2_flyegroup.htm (EX-31.2) — 10KB
- ea021110101ex32-1_flyegroup.htm (EX-32.1) — 5KB
- ea021110101ex32-2_flyegroup.htm (EX-32.2) — 5KB
- 0001213900-24-070250.txt ( ) — 7170KB
- flye-20240630.xsd (EX-101.SCH) — 80KB
- flye-20240630_cal.xml (EX-101.CAL) — 61KB
- flye-20240630_def.xml (EX-101.DEF) — 342KB
- flye-20240630_lab.xml (EX-101.LAB) — 613KB
- flye-20240630_pre.xml (EX-101.PRE) — 341KB
- ea0211101-10q_flyegroup_htm.xml (XML) — 791KB
Financial Statements
Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets as of June 30, 2024 and March 31, 2024 1 Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the Three Months Ended June 30, 2024 and 2023 2 Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity for the Three Months Ended June 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Three Months Ended June 30, 2024 and 2023 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 43 Item 4.
Controls and Procedures
Controls and Procedures 43 PART II OTHER INFORMATION 44 Item 1.
Legal Proceedings
Legal Proceedings 44 Item 1A.
Risk Factors
Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 45
Signatures
Signatures 46 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q ("Report") contains "forward-looking statements" within the meaning of Section 27A of the Securities Act, as amended (the "Securities Act"), Section 21E of the Exchange Act, as amended (the "Exchange Act"), and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be preceded by, or contain, words such as "may," "will," "expect," "anticipate," "intend," "plan," "believe," "estimate," "predict," "potential," "might," "could," "would," "should" or other words indicating future results, though not all forward-looking statements necessarily contain these identifying words. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including, without limitation, statements about our future business operations and results, our strategy and competition. These statements represent our current expectations or beliefs concerning various future events and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations, 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 bus
Financial Statements
Financial Statements FLY-E GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (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 1