Fly-E Group Files Q3 2024 10-Q Report

TL;DR

Fly-E Group filed its Q3 2024 10-Q. Check financials.

AI Summary

Fly-E Group, Inc. filed its quarterly report on Form 10-Q for the period ending September 30, 2024. The company, incorporated in Delaware with its principal executive offices in Flushing, New York, is involved in the motor vehicles and passenger car bodies industry. The filing details its financial performance and operational status for the third quarter of 2024.

Why It Matters

This filing provides investors and analysts with an update on Fly-E Group's financial health and operational progress during the third quarter of 2024, crucial for understanding the company's trajectory.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that could reveal significant positive or negative performance trends for Fly-E Group.

Key Players & Entities

• Fly-E Group, Inc. (company) — Registrant
• 0001213900-24-100200 (other) — Accession Number
• 20240930 (date) — Conformed Period of Report
• 20241119 (date) — Filed as of Date
• Delaware (location) — State of Incorporation
• MOTOR VEHICLES & PASSENGER CAR BODIES [3711] (industry) — Standard Industrial Classification
• 136-40 39th Ave. STE202, Queens, NY 11354 (address) — Business Address
• (929) 410-2770 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share FLYE The Nasdaq Sto

Filing Documents

• ea0220696-10q_flyegroup.htm (10-Q) — 997KB
• ea022069601ex31-1_flyegroup.htm (EX-31.1) — 11KB
• ea022069601ex31-2_flyegroup.htm (EX-31.2) — 11KB
• ea022069601ex32-1_flyegroup.htm (EX-32.1) — 5KB
• ea022069601ex32-2_flyegroup.htm (EX-32.2) — 5KB
• 0001213900-24-100200.txt ( ) — 7109KB
• flye-20240930.xsd (EX-101.SCH) — 67KB
• flye-20240930_cal.xml (EX-101.CAL) — 63KB
• flye-20240930_def.xml (EX-101.DEF) — 338KB
• flye-20240930_lab.xml (EX-101.LAB) — 587KB
• flye-20240930_pre.xml (EX-101.PRE) — 349KB
• ea0220696-10q_flyegroup_htm.xml (XML) — 914KB

Financial Statements

Financial Statements 1 Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and March 31, 2024 1 Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the Three Months and Six Months Ended September 30, 2024 and 2023 2 Unaudited Condensed Consolidated Statement of Changes in Stockholders' Equity for the Three Months and Six Months Ended September 30, 2024 and 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended September 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 45 Item 4.

Controls and Procedures

Controls and Procedures 45 PART II OTHER INFORMATION 46 Item 1.

Legal Proceedings

Legal Proceedings 46 Item 1A.

Risk Factors

Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 47 Item 6. Exhibits 47

Signatures

Signatures 48 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 INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements FLY-E GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Expressed in U.S. dollars, except for the number of shares) September 30, 2024 March 31, 2024 ASSETS Current Assets Cash $ 1,274,935 $ 1,403,514 Accounts receivable 366,838 212,804 Accounts receivable – related parties 91,885 326,914 Inventories, net 8,596,108 5,364,060 Prepayments and other receivables 2,453,340 588,660 Prepayments and other receivables – related parties 387,808 240,256 Total Current Assets 13,170,914 8,136,208 Property and equipment, net 6,644,717 1,755,022 Security deposits 837,179 781,581 Deferred IPO costs - 502,198 Deferred tax assets, net 497,939 35,199 Operating lease right-of-use assets 15,438,347 16,000,742 Intangible assets, net 527,538 36,384 Long-term prepayment for property - 450,000 Long-term prepayment for software development– related parties 1,055,980 1,279,000 Total Assets $ 38,172,614 $ 28,976,334 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Accounts payable $ 365,129 $ 1,180,796 Short-term loan payables 4,909,982 - Current portion of long-term loan payables 90,809 1,213,242 Short term mortgage loan payables 1,800,000 - Accrued expenses and other payables 545,206 925,389 Other payables – related parties - 92,229 Operating lease liabilities – current 3,149,827 2,852,744 Taxes payable - 1,530,416 Total Current Liabilities 10,860,953 7,794,816 Long-term loan payables 191,128 412,817 Operating lease liabilities – non-current 13,288,194 13,986,879 Total Liabilities 24,340,275 22,194,512 Commitment and Contingencies Stockholders' Equity Preferred stock, $ 0.01 par value, 4,400,000 shares authorized and nil outstanding as of September 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 September 30, 2024 and 22,000,

View Full Filing

View this 10-Q filing on SEC EDGAR