Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 152

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 152
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 |     |   | March 31, 
      2024 |   |     |   | March 31, 
      2023 |   |
|:----------------------------------|:----|:--|----------:|:--|:----|:--|----------:|:--|
| Furniture & Fixtures              |     | $ |   400,558 |   |     | $ |   113,485 |   |
| Machinery & Equipment             |     |   |   212,317 |   |     |   |   103,684 |   |
| Automobile                        |     |   |   306,607 |   |     |   |   242,633 |   |
| Leasehold improvements            |     |   |   976,870 |   |     |   |   575,134 |   |
| Construction in progress-Software |     |   |   275,000 |   |     |   |         - |   |
| Property and Equipment            |     |   | 2,171,352 |   |     |   | 1,034,936 |   |
| Less: Accumulated depreciation    |     |   |  (416,330 | ) |     |   |  (249,651 | ) |
| Property and Equipment, net       |     | $ | 1,755,022 |   |     | $ |   785,285 |   |

For the years ended March 31, 2024 and 2023, the depreciation expenses
were $ and $, respectively.

In December 2023, the Company engaged DFT, a related
party, for certain technology services, for example ERP system. The total contract price for the technology services provided will be
up to $ million, which will be payable in installments as per the milestones outlined. The final delivery of the ERP system is scheduled
for May 10, 2025, subject to adjustments mutually agreed upon by the parties in response to any changes in project scope or unforeseen
delays. As of March 31, 2024, construction in progress was $ and primarily relating to the cost incurred to develop the software
from DFT. As of March 31, 2024, the Company had a prepayment of $ to DFT (see Note 13 - Long-term prepayment for software development
- related parties, net). In the future, the Company needs