----------- -----------
Cash flows from investing activities
Purchases of equipment (1,575,936) (526,214)
Purchase of Software from a related
party (500,000) --
Prepayment for purchasing software
from a related party (801,980) --
Repayment from a related party 510,381 --
Advance to a related party (477,933) --
----------- -----------
Net cash used in investing activities (2,845,468) (526,214)
----------- -----------
Cash flows from financing activities
Advance to a related party -- (99,500)
Borrowing from loan payables 3,737,500 400,000
Repayments of loan payables (391,308) (335,374)
Repayments on other payables - related
parties (92,229) (198,615)
Payments of related party loan -- (120,000)
Capital Contributions from
Stockholders -- 136,370
Payments of IPO cost (282,403) (100,000)
Net proceeds from issuance of common
stock - IPO 9,154,500 --
----------- -----------
Net cash provided by (used in)
financing activities 12,126,060 (317,119)
----------- -----------
Net changes in cash (131,553) 750,535
Effect of exchange rate changes on
cash 2,974 --
Cash at beginning of the period 1,403,514 358,894
----------- -----------
Cash at the end of the period $ 1,274,935 $ 1,109,429
=========== ===========
Supplemental disclosure of cash flow
information
Cash paid for interest expense $ 91,877 $ 50,592
----------- -----------
Cash paid for income taxes $ 1,940,595 $ 185,347
=========== ===========
Supplemental disclosure of non-cash
investing and financing activities
Settlement of accounts payable by
related parties $ -- $ 50,000
Settlement of accounts payable by
capital contribution $ -- $ 2,263,630
Purchase of vehicle funded by loan $ 219,668 $ 34,974
Purchase of office funded by loan $ 1,800,000 $ --
Purchase software and office by using
previous prepayments $ 1,975,000 $ --
Deferred IPO cost recognized as
additional paid-in capital $ 502,198 $ --
Termination of operating lease
right-of-use assets and operating
lease liabilities $ (280,087) $ --
Right-of-use assets obtained in
exchange for operating lease
liabilities $ 1,394,682 $ 2,523,012
The following table sets forth the components of our EBITDA for the three months ended September 30, 2024 and 2023, with reconciliations to the nearest GAAP financial measures provided below:
For the Three Months Ended September 30,
----------------------------------------------------------
Percentage
2024 2023 Change Change
------------ ---------- ------------ ----------
(Loss) Income
from
Operations $(1,142,848) $ 746,556 $(1,889,404) (253.1)%
Income Tax
(Benefit)
Expense (165,935) 360,879 (526,814) (146.0)%
Depreciation 85,859 126,891 (41,032) (32.3)%
Interest
Expenses 23,795 17,969 5,826 32.4%
Amortization 7,895 -- 7,895 100.0%
----------- --------- ----------- ----------
EBITDA $(1,191,234) $1,252,295 $(2,443,529) (195.1)%
Percentage of
Revenue (17.5)% 14.3% (31.7)%
The following table sets forth the components of our EBITDA for the six months ended September 30, 2024 and 2023, with reconciliations to the nearest GAAP financial measures provided below:
For the Six Months Ended September 30,
----------------------------------------------------------
Percentage
2024 2023 Change Change
------------ ---------- ------------ ----------
(Loss) Income
from
Operations $(1,322,356) $1,186,999 $(2,509,355) (211.4)%
Income Tax
provision (93,490) 644,279 (737,769) (114.5)%
Depreciation 180,910 190,559 (9,649) (5.1)%
Interest
Expenses 91,877 50,592 41,285 81.6%
Amortization 8,846 -- 8,846 100.0%
----------- --------- ----------- ----------
EBITDA $(1,134,213) $2,072,429 $(3,206,642) (154.7)%
Percentage of
Revenue (7.7)% 12.5% (20.2)%
View original content:https://www.prnewswire.com/news-releases/fly-e-group-announces-second-quarter-and-first-half-of-fiscal-year-2025-financial-results-302312140.html
SOURCE Fly-E Group, Inc.
(END) Dow Jones Newswires
November 20, 2024 17:20 ET (22:20 GMT)
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