Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 450

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1B
Chunk 450
---
  March 31,  2025   March 31,  2024   DF Technology US Inc  Ruifeng Guo (former CFO who resigned on November 6, 2024), owns over 50% equity interest of this entity  Long-term prepayment for software development  $136,580   $1,279,000   Long-term prepayment for software development — related parties, net        $136,580   $1,279,000  

In December 2023, the Company engaged DFT
for development of certain technology services. Mr. Guo, the Company’s former CFO who resigned on November 6, 2024, owns over
50% of the equity interest in DFT. As of March 31, 2025 and 2024, the Company paid $136,580 and $1,279,000 to DFT as prepayment for
software development, respectively. During the fiscal year of 2025, the Company started to use part of the ERP system which was valued
at $2,310,000 and treated that part as computer hardware and software and started for depreciation. As of March 31, 2025 and 2024, construction
in progress was nil and $275,000, respectively (see Note 5 – Property and Equipment).

F-30

Other payables — related parties

  Name of Related Party  Relationship  Nature  March 31,  2025(i)   March 31, 2024(i)   Zhou Ou  Chairman, CEO of the Company  Other payable  $—   $92,229   Other Payables-related parties        $—   $92,229  

(i)Represents the remaining balance
of the advance provided by the related party to the Company’s subsidiaries for the purpose of supporting their business operations.

All of the above payables are unsecured, non-interest
bearing, and due on demand. The Company paid a total of $92,229 and $290,252 to Mr. Zhou Ou during the years ended March 31, 2025 and
2024, respectively.

(B) Related party transactions  

Revenues — related parties

           For the Years Ended March 31   Name of Related Party  Relationship  Nature  2025   2024   Fly