Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 1926

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 9B
Chunk 1926
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     212,317 
  
    Automobile 
     669,902  
     306,607 
  
    Leasehold improvements 
     683,595  
     976,870 
  
    Building (ii) 
     3,663,215  
     — 
  
    Computer hardware and software (i) 
     2,310,000  
     — 
  
    Construction in progress-Software  
     —  
     275,000 
  
    Properties for rental business (iii) 
     193,963  
     — 
  
    Property and Equipment 
     8,150,770  
     2,171,352 
  
    Less: Accumulated depreciation 
     (863,557) 
     (416,330)
  
    Property and Equipment, net 
    $7,287,213  
    $1,755,022 

For the years ended March 31, 2025 and 2024, the
depreciation expenses were $631,280 and $272,708, respectively.

  (i) In December 2023, the Company engaged DFT, a former related party, for certain technology services, such as ERP system. The total contract price for the ERP system is $2,500,000. The ERP system is fully completed and delivered on May 20, 2025. As of March 31, 2025 and 2024, the accumulative payments to DFT for development of the ERP system were $2,446,580 and $1,554,000, respectively. During the fiscal year of 2025, the Company started to use part of the ERP system which was valued at $2,310,000 and treated that part as computer hardware and software and started for depreciation. As of March 31, 2025 and 2024, construction in progress was nil and $275,000, respectively, and primarily relating to the cost incurred to develop the software by DFT. As of March 31, 2025 and 2024, the Company had a prepayment of $136,580 and $1,279,000, respectively, to DFT (see Note 13 – Long-term prepayment for software development – related parties, net).       (ii) On August 12, 2024, the
Company entered into a purchase agreement with He’s