Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 53

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 53
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, 2024(i)   Zhou Ou  Chairman, CEO of the Company  Other payable  $—   $92,229   Other Payables-related parties        $—   $92,229  

    (i)
    Represents the remaining balance of the advance provided by the related party to the Company’s subsidiaries for the purpose of supporting their business operations.

All of the above payables are unsecured, non-interest
bearing, and due on demand. The Company paid a total of $92,229 and $198,615 to Mr. Zhou Ou during the nine months ended December 31,
2024 and 2023, respectively.

(B) Related party transactions  

Revenues — related parties

           For the three Months Ended  December 31   For the Nine Months Ended December 31   Name of Related Party  Relationship  Nature  2024   2023   2024   2023   Fly E Bike SRL  Zhou Ou (CEO), owns over 50% equity interest of this entity  Product sales  $—   $26,670   $47,785   $309,484   Revenues — related parties        $—   $26,670   $47,785   $282,814  

During the three months ended December 31, 2024
and 2023, Fly E Bike SRL, a distributor the Company works with and in which Mr. Ou holds over 50% of the equity interest, purchased
certain EV products from the Company in the amount of nil and $26,670, respectively. During the nine months ended December 31, 2024 and
2023, Fly E Bike SRL, purchased certain EV products from the Company in the amount of $47,785 and $309,484, respectively.

30

Purchase of Intangible Assets — related parties

  Name of Related Party   Relationship   Nature   December 31, 
2024     March 31, 2024    DF Technology US Inc   Ruifeng Guo (former CFO who resigned on November 6, 2024), owns over 50% equity interest of this entity   Purchase of Software   $ 500,000     $ —    Purchase of Intangible Assets — related parties           $ 500,000     $ —