Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 1056

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 5
Chunk 1056
---
 and $123,000, respectively, for tax services. As of March 31, 2025, the Company did not owe any amount to DGLG.

On April 1, 2023, the
Company agreed to retain the services of PJMG LLC (“PJMG”), a company in which Mr. Guo, the Company’s former CFO
who resigned on November 6, 2024, holds over 50% of the equity interests as a consultant following the completion of its IPO. PJMG
was engaged to provide compliance consulting services related to accounting, finance, and management, as well as to oversee market planning
and development, follow-on fundraising, and investor relationship management from June 2024 to May 2025. The service fee is
$45,000 for the first month and from the second month the fees are $15,000 per month. To secure these services, the Company prepaid a
total of $120,000 to PJMG as of March 31, 2025. During the year ended March 31, 2025, the Company paid PJMG a total of $372,047 for consulting
services. $312,047 was expensed as consulting expenses during the year ended March 31, 2025.

Fly E Bike SRL, a company formed
under the laws of the Dominican Republic and in which Mr. Ou holds over 50% of the equity interests, is a distributor for the Company.
During the years ended March 31, 2025 and 2024, Fly E Bike SRL purchased certain EV products from the Company in the amount
of $42,010 and $326,914, respectively. As of March 31, 2025 and 2024, the Company had accounts receivable from Fly E Bike SRL in
the amounts of $37,465 and $326,914, respectively. In addition, during the year ended March 31, 2025, the Company advanced a total
of $143,455 to Fly E Bike SRL. Such advance is unsecured, bears no interest and does not have a maturity date. As of July 15, 2025,
the advance was paid back in full.

In December 2023, the
Company engaged DF Technology US Inc (“DFT”) for certain technology services. Mr. Guo, the Company’s former CFO,
owns over 50% of the equity interest in DFT.