Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 149

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 149
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2025:

Total consideration determined: $235,939

Net assets disposed excluded intercompany other receivables: $234,847

Gain on disposal: $1,092

15 — SUBSEQUENT EVENTS   

On July 1, 2025, the Company sold three subsidiaries: OFLYO INC, FLYCYCLE INC, and FLYBX2381
INC to third-party individuals. The consideration determined was $235,939. As of August 19, 2025, the Company did not receive any consideration
from the third-party individuals.

From
July 1, 2025 to July 28, 2025, certain holders of the Company’s outstanding warrants exercised their rights to acquire common stock.
The exercises were completed on a cashless basis pursuant to the terms of the warrant agreements, resulting in the issuance of 8,219,634
shares of common stock. The exercises did not generate any cash proceeds to the Company. All share numbers for warrant exercises prior
to the reverse stock split have been retroactively adjusted to reflect the 1-for-5 reverse stock split. As of August 19, 2025, 11,438,218
warrants were exercised.

On
August 1, 2025, the Company sold three subsidiaries: FLAM, FLYTRON, and MEEBIKE to third-party individuals. The consideration determined
was $96,327. As of August 19, 2025, the Company did not receive any consideration from the third-party individuals.

32

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations   

The following discussion of our financial condition and results of
operations should be read in conjunction with the financial statements and the notes thereto included in this quarterly report. The following
discussion contains forward-looking statements. Actual results could differ materially from the results discussed in the forward-looking
statements. See “Item 1A. Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements”.

Overview

We are an EV company that is principally engaged
in designing, installing, selling and renting E-motorcycles, E-bikes, E-scooters and related accessories under the brand “Fly E-Bike.”
At Fly E-Bike, our commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately
contributing towards building a more environmentally friendly future.

Fly E-Bike was
established in 2018 with its