Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 55

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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three and nine months ended December 31, 2024, the Company paid PJMG a total of nil and $232,547 for consulting services, respectively.

14 — SUBSEQUENT
EVENTS    

The Company has evaluated subsequent events after
December 31, 2024, up through February 19, 2025, the date at which the unaudited condensed consolidated financial statements were issued.
Except for the events mentioned below, the Company did not identify any subsequent events with material financial impact on the Company’s
unaudited condensed consolidated financial statements.

31

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 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 and selling 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 first
store opened in New York. Our business has grown rapidly since then and we are now one of the leading providers of E-bikes for food
delivery workers in New York City. As of February 19, 2025, we have 36 stores, including 35 retail stores in the U.S and one
retail store in Canada. The Company offers rental services from selected locations in New York and Los Angeles. We also operate one online
store at flyebike.com, focusing on selling E-motorcycles, E-bikes and E-scooters, serving customers in the United States. In addition,
we plan to open a second online store focusing on selling gas bikes in the future. We plan to expand our presence in the United States
and extend our business into South America and Europe in the future.

We have a diversified product portfolio that
is designed to satisfy the various demands of our customers and address different urban travel scenarios. Additionally, we aim to refresh
our