Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 36

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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For the three months ended December 31, 2024 and
2023, the amortization expenses were $21,985 and nil, respectively. For the nine months ended December 31, 2024 and 2023, the amortization
expenses were $30,831 and nil, respectively.  

In July 2024, the Company engaged DFT, a related
party, to develop a new APP, GO FLY APP, for the rental business. The total contract price for the GO FLY APP is $500,000, and the GO
FLY APP was delivered on September 5, 2024.

19

7 — ACCRUED EXPENSES AND OTHER PAYABLES

    December 31,  2024  
    March 31,  2024 
  
    Accrued payroll 
    $42,196  
    $121,120 
  
    Advances from customers 
     26,445  
     25,099 
  
    Advances from IGH Holding Inc 
     49,000  
     49,000 
  
    Accrued warranty 
     37,363  
     27,714 
  
    Payroll tax and sales tax payable 
     112,068  
     245,226 
  
    Accrued store expenses 
     51,077  
     21,975 
  
    Accrued IPO offering cost 
     —  
     225,000 
  
    Accrued freight in cost 
     94,650  
     107,255 
  
    Accrued interest expense 
     19,670  

    Accrued professional fee 
     —  
     103,000 
  
    Accrued Expenses and Other Current Liabilities 
    $432,469  
    $925,389 

8 — LOAN PAYABLE

A summary of the Company’s loans is listed as follows:

  Lender  Due Date  December 31,  2024   March 31,  2024   Chase Bank(i)    October 25, 2027   —    176,366   Chase Bank(ii)  January 12, 2028   301    56,580   Chase Bank(vii)  September 28, 2028   —    221,