Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 157

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 157
---
ables — related parties

  Name of Related Party  Relationship  Nature  December 31,  2024   March 31,  2024   Fly E Bike SRL  Zhou Ou (CEO), owns over 50% equity interest of this entity  Other receivables  $6,057   $180,256   PJMG LLC  Ruifeng Guo (former CFO who resigned on November 6, 2024), owns over 50% equity interest of this entity  Prepayments   165,000    60,000   Prepayments and other receivables – related parties        $171,057   $240,256  

During
the nine months ended December 31, 2024, the Company advanced $6,057 to Fly E Bike SRL, a distributor the Company works with and in which
Mr. Ou holds over 50% of the equity interest. This advance is unsecured, bears no interest and does not have a maturity date. On June
12, 2024, the Company received $180,256 from Fly E Bike SRL. 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. 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 will be $15,000 per month. To secure these services,
the Company prepaid a total of $165,000 to PJMG  as of December 31, 2024.
From August 9, 2024 to September 17, 2024, the Company advanced $477,771 to Mr. Ou, Chairman and CEO of the Company, for personal use.
This advance is unsecured, bears no interest and does not have a maturity date. As of December 31, 2024, the advance was paid back in
full.

Long-term prepayment for software development – related parties,
net

  Name of Related Party  Relationship  Nature