Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 52

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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, holds over 50% of the equity interests as a consultant
following the completion of its IPO. PJMG was engaged to provide compliance consulting services related to accounting, finance, and management,
as well as to oversee market planning and development, follow-on fundraising, and investor relationship management from June 2024 to May
2025. The service fee is $45,000 for the first month and from the second month the fees will be $15,000 per month. To secure these services,
the Company prepaid a total of $165,000 to PJMG  as of December 31, 2024.
From August 9, 2024 to September 17, 2024, the Company advanced $477,771 to Mr. Ou, Chairman and CEO of the Company, for personal use.
This advance is unsecured, bears no interest and does not have a maturity date. As of December 31, 2024, the advance was paid back in
full.

Long-term prepayment for software development – related parties,
net

  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  Long-term prepayment for software development  $536,580   $1,279,000   Long-term prepayment for software development — related parties, net        $536,580   $1,279,000  

29

In December 2023, the Company engaged DFT
for development of certain technology services. Mr. Guo, the Company’s former CFO who resigned on November 6, 2024, owns over
50% of the equity interest in DFT. As of December 31, 2024 and March 31, 2024, the Company paid $536,580 and $1,279,000 to DFT as
prepayment for software development, respectively. As of December 31, 2024 and March 31, 2024, construction in progress was $1,910,000
and $275,000, respectively (see Note 5 – Property and Equipment).

Other payables — related parties

  Name of Related Party  Relationship  Nature  December 31,  2024(i)   March 31