UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
| (CHECK ONE): | ☐ Form 10-K | ☐ Form 20-F | ☐ Form 11-K | ☒ Form 10-Q | ☐ Form N-SAR |
Commission File Number: 001-42122
| For Period Ended: June 30, 2024 | |||
| ☐ | Transition Report on Form 10-K | ||
| ☐ | Transition Report on Form 20-F | ||
| ☐ | Transition Report on Form 11-K | ||
| ☐ | Transition Report on Form 10-Q | ||
| ☐ | Transition Report on Form N-SAR | ||
| For the Transaction Period Ended: | |||
READ INSTRUCTION (ON BACK PAGE) BEFORE PREPARING FORM. PLEASE PRINT OR TYPE.
NOTHING IN THIS FORM SHALL BE CONSTRUED TO IMPLY
THAT THE COMMISSION HAS
VERIFIED ANY INFORMATION CONTAINED HEREIN.
If the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
PART I - REGISTRANT INFORMATION
| Fly-E Group, Inc. |
| Full Name of Registrant |
| Former Name if Applicable |
| 136-40 39th Avenue |
| Address of Principal Executive Office (Street and Number) |
| Flushing, New York 11354 |
| City, State and Zip Code |
PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule 12b-25(b), the following should be completed. (Check box if appropriate)
| (a) | The reasons described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense; | ||
| ☒ | (b) | The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, 11-K or Form N-SAR, or portion thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly report of transition report on Form 10-Q, or portion thereof will be filed on or before the fifth calendar day following the prescribed due date; and | |
| (c) | The accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable. |
PART III - NARRATIVE
State below in reasonable detail the reasons why Forms 10-K, 20-F, 11-K, 10-Q, N-SAR, or the transition report or portion thereof, could not be filed within the prescribed time period.
The Registrant is unable to file its Form 10-Q for the quarterly period ended June 30, 2024 within the prescribed time period without unreasonable effort or expense because additional time is needed to prepare the financial statements for the quarterly period ended June 30, 2024.
The Registrant intends to file the subject Quarterly Report on Form 10-Q on or before the fifth calendar day following the prescribed due date.
PART IV - OTHER INFORMATION
| (1) | Name and telephone number of person to contact in regard to this notification |
| Zhou Ou | (929) | 410-2770 | ||
| (Name) | (Area Code) | (Telephone Number) |
| (2) | Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file such report(s) been filed? If answer is no, identify report(s). |
☒ Yes ☐ No
| (3) | Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year will be reflected by the earnings statements to be included in the subject report or portion thereof? |
☒ Yes ☐ No
If so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made.
For the three months ended June 30, 2024 and 2023, our net loss was $0.2 million for the three months ended June 30, 2024, a change of approximately $0.6 million, or 140.8%, from net income of $0.4 million for the three months ended June 30, 2023. For the three months ended June 30, 2024, our net revenues increased by 0.4% to approximately $7.9 million, compared to approximately $7.8 million for the same period in 2023, which was primarily driven by sales from new stores and higher average sales price. Cost of revenues decreased by 6.8%, from approximately $5.1 million for the three months ended June 30, 2023, to approximately $4.8 million for the three months ended June 30, 2024. Total operating expenses were approximately $3.1 million for the three months ended June 30, 2024, an increase of approximately $1.2 million, or 60.9%, compared to approximately $2.0 million for the three months ended June 30, 2023. The increase in operating expenses was attributable to the increase in our payroll expenses, rent expenses, meals and entertainment expenses, professional fees, and development expenses as we expanded our business. The amounts reported above are still under review and may differ once reported in the Form 10-Q to be filed by the Registrant.
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Fly-E Group, Inc.
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: | August 15, 2024 | By: | /s/ Zhou Ou | |
| Zhou Ou | ||||
| Chief Executive Officer |
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