Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 51

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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. Although the Company does not believe that inflation has had a
material impact on the Company’s financial position or results of operations to date, a high rate of inflation in the future may
have an adverse effect on the Company’s ability to maintain current levels of gross margin and operating expenses as a percentage
of sales revenue if the revenues do not increase with such increased costs.

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13 — RELATED PARTY TRANSACTIONS

(A) Related party balances

Accounts receivable — related parties

  Name of Related Party  Relationship  Nature  December 31,  2024   March 31,  2024   Fly E Bike SRL  Zhou Ou (CEO), owns over 50% equity interest of this entity  Accounts receivable  $88,885   $326,914   Accounts receivable — related parties        $88,885   $326,914  

During the nine months ended December 31, 2024, the Company received
$285,814 from Fly E Bike SRL.

Prepayments and other receivables — related parties

  Name of Related Party  Relationship  Nature  December 31,  2024   March 31,  2024   Fly E Bike SRL  Zhou Ou (CEO), owns over 50% equity interest of this entity  Other receivables  $6,057   $180,256   PJMG LLC  Ruifeng Guo (former CFO who resigned on November 6, 2024), owns over 50% equity interest of this entity  Prepayments   165,000    60,000   Prepayments and other receivables – related parties        $171,057   $240,256  

During
the nine months ended December 31, 2024, the Company advanced $6,057 to Fly E Bike SRL, a distributor the Company works with and in which
Mr. Ou holds over 50% of the equity interest. This advance is unsecured, bears no interest and does not have a maturity date. On June
12, 2024, the Company received $180,256 from Fly E Bike SRL. On April 1, 2023, the Company agreed to retain the services of PJMG, a company
in which Mr. Guo, the Company’s former CFO who resigned on November 6, 2024