Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 145

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 145
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 Product sales  $—   $3,642   Revenues — a related party        $—   $3,642  

During the three months ended June 30, 2025 and 2024, Fly E Bike SRL, a distributor the
Company works with and in which Mr. Ou holds over 50% of the equity interest, purchased certain EV products from the Company in
the amount of $nil and $3,642, respectively.

(C) Other Related Party Transactions

On March 6, 2021, the Company and DGLG entered into an engagement letter, pursuant
to which the Company engaged DGLG as a consultant to assist the Company in its IPO planning, financing and tax services. Mr. Guo,
the Company’s former CFO who resigned on November 6, 2024, is a partner at DGLG. Under the terms of the engagement agreement
with DGLG, the Company has agreed to compensate DGLG for consulting services based on an hourly fee arrangement. DGLG’s consulting
fees were nil and $225,000 for the three months ended June 30, 2025 and 2024, respectively. In addition, during the three months ended
June 30, 2025 and 2024, the Company paid DGLG a total of $106,175 and $15,600 for tax services, including sales tax services, payroll
tax services, and income tax services, rendered by DGLG, respectively.

On April 1, 2023, the Company agreed to retain the services of 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. To secure these services, the Company prepaid a total of $75,000 to PJMG as of June 30, 2025, and $45,000
was expensed as consulting expenses during the three months ended June 30, 2025. During the three months ended June 30, 2025, the Company
paid PJMG $45,000 for offering costs related to the Company’s secondary offering which has been deducted from the Company’s
additional paid-in capital. During the three months ended June 30, 2024, $15,000 was expensed as consulting expenses.