Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 1791

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 9A
Chunk 1791
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1 — DESCRIPTION OF BUSINESS, ORGANIZATION
AND BASIS OF PRESENTATION

Organization and principal activities

Fly-E Group, Inc. (the “Company” or
“Fly-E Group”) was incorporated under the laws of the State of Delaware on November 1, 2022. The Company has no substantive
operations other than holding all of the issued and outstanding shares of Fly E-Bike Inc. (“Fly E-Bike”) and Fly EV, Inc.
(“Fly EV”). Fly E-Bike and Fly EV were incorporated under the laws of the State of Delaware on August 22, 2022 and November 1,
2022, respectively. Fly EV has no substantive operations. The Company, through its wholly owned subsidiaries, is principally engaged in
designing, installing and selling smart electric bikes (“E-bikes”), electric motorcycles (“E-motorcycles”), electric
scooters (“E-scooters”), and related accessories under the brand name of “Fly E-Bike.” The Company’s principal
operations and geographic markets are mainly in the United States of America (the “U.S.”). During the year ended March
31, 2025, the Company closed four stores in the U.S. As of July 15, 2025, the Company has opened a total of 20 retail stores, including
19 retail stores in the U.S and one retail store in Canada. The Company offers rental services from selected locations.
The Company also operates one online store, focusing on selling E-motorcycles, E-bikes, and E-scooters. The Company plans to open another
online store focusing on selling gas bikes in the future.

The Company’s business was initially operated
under CTATE INC. (“Ctate”), a corporation formed under the laws of the State of New York in 2018. Before merging with
Fly E-Bike, Ctate owned 27 companies, each of which operated a Fly E-Bike store. On September 12, 2022, Ctate and Fly E-Bike, which
was a wholly-owned subsidiary of Ctate, entered into an Agreement and Plan of Merger, pursuant to which Ctate merged into and with Fly
E-Bike, with Fly E-Bike being the surviving corporation (the “Merger”). As a result of the Merger, the original shareholders
of Ctate became the stockholders of Fly E-Bike and subsequently effectively controlled the combined entity.

On December