Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 50

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 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
June 30, 2025 and March 31, 2025, the Company paid $nil and $136,580 to DFT as prepayment for software development, respectively. The
total contract price for the ERP system is $2,500,000, and the ERP system was delivered on May 20, 2025. (see Note 5 – Property
and Equipment).

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(B) Related party transactions  

Revenues — a related party

           For the Three Months Ended 
June 30   Name of Related Party  Relationship  Nature  2025   2024   Fly E Bike SRL  Zhou Ou (CEO), owns over 50% equity interest of this entity  Product sales  $—   $3,642   Revenues — a related party        $—   $3,642  

During the three months ended June 30, 2025 and 2024, 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 $3,642, respectively.

(C) Other Related Party Transactions

On March 6, 2021, the Company and DGLG entered into an engagement letter, pursuant
to which the Company engaged DGLG as a consultant to assist the Company in its IPO planning, financing and tax services. Mr. Guo,
the Company’s former CFO who resigned on November 6, 2024, is a partner at DGLG. Under the terms of the engagement agreement
with DGLG, the Company has agreed to compensate DGLG for consulting services based on an hourly fee arrangement. DGLG’s consulting
fees were nil and $225,000 for the three months ended June 30, 2025 and 2024, respectively. In addition, during the three months ended
June 30, 2025 and 2024, the Company paid DGLG a total of $106,175 and $15,600 for tax services, including sales tax services