Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 33

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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936,030 and $514,021, respectively. For the three months ended December 31, 2024 and 2023, the impairment
loss was $347,333 and $128,095, respectively. For the nine months ended December 31, 2024 and 2023, the impairment loss was $678,157
and $287,946, respectively.

4 — PREPAYMENTS AND OTHER RECEIVABLES

Prepayments and other current assets as of December 31, 2024 and March 31, 2024
consisted of the following:

    December 31,  2024  
    March 31,  2024 
  
    Prepaid rent 
    $70,766  
    $179,792 
  
    Prepayments to vendors 
     1,580,417  
     143,018 
  
    Prepaid iCloud Server 
     —  
     1,747 
  
    Prepaid insurance 
     293,294  
     237,207 
  
    Prepaid income tax 
     86,705  
     — 
  
    Prepayments to other service providers 
     275,510  
     26,896 
  
    Total Prepayment and Other Receivables 
    $2,306,692  
    $588,660 

As of December 31, 2024 and March 31, 2024, the
prepayments to vendors were $1.6 million and $0.1 million, respectively. The increase in prepayments to vendors was primarily due to the
Company’s anticipation of growth in future sales and rental services. The Company plans to purchase more E-vehicles and related
accessories from oversea vendors to support the expansion in retail and rental markets. These prepayments to vendors are expected to be
settled by the end of March 2025.

18

5 — PROPERTY AND EQUIPMENT, NET

Property and equipment as of December 31, 2024 and March 31, 2024
consisted of the following:

    December 31,  2024  
    March 31,  2024 
  
    Furniture & Fixtures 
    $419,950  
    $400,558 
  
    Machinery & Equipment 
     267,477  
     212,317 
  
    Automobile 
     669,909