Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 6

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1
Chunk 6
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 Disposal of Subsidiaries and Note 15-Subsequent Events” in the accompanying consolidated financial
statements for details.

Our History and Corporate Structure

We initially started our business
in 2018 as Ctate Inc. (“Ctate”), a New York corporation. Our business has experienced rapid growth since then and we
opened multiple retail stores within a short period of time. In the interest of efficient management, each retail store was managed by
a separate company wholly owned by Ctate.

Fly E-Bike, Inc. (“Fly
E-Bike”), a Delaware corporation, was a wholly owned subsidiary of Ctate incorporated on August 22, 2022. On September 12,
2022, Ctate and Fly E-Bike 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.

3

Fly-E Group, a Delaware corporation,
was incorporated on November 1, 2022. On December 21, 2022, Fly E-Bike, the stockholders of Fly E-Bike and Fly-E Group entered
into a Share Exchange Agreement, pursuant to which Fly-E Group acquired all of the issued and outstanding shares of Fly E-Bike by issuing
its shares to the stockholders of Fly E-Bike on a one-for-one basis (the “Share Exchange”). As a result of the Share Exchange,
Fly E-Bike became a wholly owned subsidiary of Fly-E Group. Fly-E Group has no substantive operations other than holding all of the issued
and outstanding shares of Fly E-Bike and Fly EV, Inc. Our business is primarily conducted through Fly E-Bike and its subsidiaries. Fly
EV. Inc. is a Delaware corporation incorporated on November 1, 2022 and currently has no substantive operations.

Our Industry

E-motorcycles, E-bikes and
E-scooters are the two-wheelers that run on electric energy that is converted into mechanical energy rather than running on fuel. They
are chargeable and eco-friendly automotive solutions. E-motorcycles and E-bikes are built with solid metal and fiber frames that are combined
with mechanical and electronic components. An E-scooter is a plug-in EV powered by electric power. These scooters offer additional advantages
such as agility, flexibility, versatility and ease of maneuver in high traffic congestion areas.

The EV industry has been experiencing
significant growth and innovation in recent years.