Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 35

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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party, to purchase an office property. The final purchase price of the property was $3,594,000 and closing cost was $69,215. The Company
paid $628,211 in cash to the Seller, withdrew $1,235,004 from its line of credit with Peapack-Gladstone Bank, and financed the remaining
$1,800,000. On August 13, 2024, the Company’s subsidiary, AOFL LLC, obtained a one-year short-term loan of $1,800,000 from He’s
Realty Holdings LLC with an annual interest rate of 6.5%. The principal amount shall be paid to He’s Realty Holdings LLC in one or more
installments on or before August 11, 2025, and during the one-year borrowing period, AOFL LLC only needs to pay interest of $9,750 to
He’s Realty Holdings LLC on a monthly basis. The collateral provided was the office purchased by AOFL LLC. The loan was paid off in full
on November 29, 2024.    

In
October 2024, the Company started to offer rental services through its  subsidiaries, GOBIKE INC, in New York, and FLYLA INC, in Log
Angeles. The rental term is from one hour to one month. In New York, the Company offers a single model of E-Bike for rent, FLY 11 PRO
GOFLY as of the date of this report. In Log Angeles, the Company offers 31 types of E-Bikes and E-scooters for rent, including FLY AIR2,
FLY TANK, and FLY 11 PRO. 

6 — INTANGIBLE ASSETS, NET

Intangible assets as of December 31, 2024 and March 31, 2024 consisted
of the following:

    December 31,  2024  
    March 31,  2024 
  
    Property rights 
    $92,604  
    $38,032 
  
    GO FLY App 
     500,000  
     — 
  
    Total Intangible assets 
     592,604  
     38,032 
  
    Less: Accumulated Amortization 
     (32,479) 
     (1,648)
  
    Intangible assets, net 
    $560,125  
    $36,384