Company: FLYE
Filing Date: 2025-12-18
Form Type: 10-Q
Source: 0001213900-25-123281
Chunk: 63

Company: Fly-E Group, Inc.
Filing Date: 2025-12-18
Form: 10-Q
Item: Item 1
Chunk 63
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”).
On July 1, 2025, the Company entered into share transfer agreements with the Buyers. Pursuant to the terms of the agreements, the Company
agreed to sell, transfer, and assign all its rights, title, and interests in the shares of the subsidiaries to the Buyers, free and clear
of all liens and encumbrances. The Buyers agreed to purchase the shares for total cash consideration of $235,939. There were no contingent
payments, earn-outs, or post-closing adjustments specified in the agreements.

On
July 18, 2025, the management team approved to sell 100% of its equity interests in subsidiaries MEEBIKE, FIYTRON INC and FLYAM INC to
third-party individuals (the “Buyers”). On August 1, 2025, the Company entered into share transfer agreements with the Buyers. 
Pursuant to the terms of the agreements, the Company agreed to sell, transfer,
and assign all its rights, title, and interests in the shares of the subsidiaries to the Buyers, free and clear of all 1.9 liens and
encumbrances. The Buyers agreed to purchase the shares for total cash consideration of $115,857. There were no contingent payments, earn-outs,
or post-closing adjustments specified in the agreements.

35

On
August 19, 2025, the management team approved to sell 100% of its equity interests in subsidiaries TKPGO CORP., FIYET INC and FLYCLB
INC to third-party individuals (the “Buyers”). On September 1, 2025, the Company entered into share transfer agreements with
the Buyers. Pursuant to the terms of the agreements, the Company agreed to sell, transfer, and assign all its rights, title, and interests
in the shares of the subsidiaries to the Buyers, free and clear of all liens and encumbrances. 
The Buyers agreed to purchase the shares for total cash consideration of $1,709.
There were no contingent payments, earn-outs, or post-closing adjustments specified in the agreements. 

There was gain on the sale of subsidiaries of
$64,452 for the three and six months ended September 30, 2025.

The disposal of these subsidiaries were not considered
discontinued operations under ASC 205-20, as their disposal did not represent a strategic shift that had a major effect on the Company’s
operations and financial results.