Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 539

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1C
Chunk 539
---
 $405,615  
    $152,050 
  
    Cash
    paid for income taxes 
    $1,957,867  
    $435,881 

    Supplemental disclosure
    of non-cash investing and financing activities 

    Settlement of accounts
    payable by related parties 
    $—  
    $50,000 
  
    Settlement of accounts
    payable by capital contribution 
    $—  
    $2,263,630 
  
    Purchase of vehicle funded
    by loan 
    $224,638  
    $34,974 
  
    Purchase of office funded
    by loan 
    $1,800,000  
    $— 
  
    Purchase software and office
    by using previous prepayments 
    $1,729,000  
    $— 
  
    Purchase property rights
    by using previous prepayments 
    $54,572  
     — 
  
    Properties used for rental
    services 
    $193,964  
     — 
  
    Unpaid deferred IPO cost 
    $—  
    $225,000 
  
    Deferred IPO cost recognized
    as additional paid-in capital 
    $502,198  
    $— 
  
    Uncollected proceeds from
    disposal of subsidiaries 
    $635,193  
    $— 
  
    Termination of operating
    lease right-of-use assets and operating lease liabilities 
    $(2,473,686) 
    $(2,814,235)
  
    Right-of-use assets obtained
    in exchange for operating lease liabilities 
    $2,490,547  
    $10,771,688 

The accompanying notes are an integral part of
these consolidated financial statements.

F-6

FLY-E GROUP, INC.

Notes to Consolidated Financial Statements

1 — DESCRIPTION OF BUSINESS, ORGANIZATION
AND BASIS OF PRESENTATION

Organization and principal activities

Fly-E Group, Inc. (the “Company” or
“Fly-E Group”) was incorporated under the laws of the State of Delaware on November 1, 2022. The Company has no substantive
operations other than holding all of the issued and outstanding shares of Fly E-Bike Inc. (“Fly E-Bike”) and Fly EV, Inc.
(“Fly EV”). Fly E-Bike and Fly EV were incorporated under the laws of the State of Delaware on August 22