Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 150

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 150
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 first store opened in New York. Our business has grown rapidly since then and we are now one of the
leading providers of E-bikes for food delivery workers in New York City. As of August 19, 2025, we have 16 stores, including 15
retail stores in the U.S and one retail store in Canada. The Company offers rental services from selected locations in New York,
Toronto, and Los Angeles. We also operate one online store at flyebike.com, focusing on selling E-motorcycles, E-bikes and E-scooters,
serving customers in the United States. In addition, we plan to open a second online store focusing on selling gas bikes in the future.
We plan extend our business into South America and Europe in the future.

We have a diversified
product portfolio that is designed to satisfy the various demands of our customers and address different urban travel scenarios. Additionally,
we aim to refresh our product offerings continuously to align with evolving market trends. As of August 19, 2025, we offered 27 E-motorcycle
products, 36 E-bike products and 38 E-scooter products.

We also operate a rental program to meet the increasing market demand
for safe, UL-certified e-bikes in compliance with New York State regulations. The rental service, now available in New York
City, Toronto, and Los Angeles via the Go Fly rental service mobile app and select Fly E-Bike stores, provides users with a flexible and
affordable e-bike rental option. As part of our growth strategy, we plan to expand the rental service to Miami in the near term.

We
are currently in the process of developing a Fly E-Bike app, which is a management service mobile software for our EVs, enabling
customers to purchase bikes, locate company stores, schedule bike repairs, and more. We aim to design an app that will bring users a
comprehensive intelligent experience to create a safer and more satisfying riding life. The development of the app is still in its
preliminary stage. We have launched a testing version of the app, which is currently unavailable to our customers. In December 2023,
the Company engaged DF Technology US Inc (“DFT”) for certain technology services including the development of an
enterprise resource planning system (“ERP system”), and in July 2024, the Company engaged DFT to develop a mobile phone
application for its renal services, the GO FLY APP.