Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 214

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1A
Chunk 214
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 are an EV company that is principally engaged
in designing, installing and selling E-motorcycles, E-bikes, E-scooters and related accessories under the brand “Fly E-Bike.”
At Fly E-Bike, our commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately
contributing towards building a more environmentally friendly future.

Fly E-Bike was established in 2018 with its first
store opened in New York. Our business has grown rapidly since then and we are now one of the leading providers of E-bikes for food
delivery workers in New York City. As of July 15, 2025, we have 20 stores, including
19 retail stores in the U.S and one retail store in Canada. The Company offers rental services from selected locations in New York,
Toronto, and Los Angeles. We also operate one online store at flyebike.com, focusing on selling E-motorcycles, E-bikes and E-scooters,
serving customers in the United States. In addition, we plan to open a second online store focusing on selling gas bikes in the future.
We plan extend our business into South America and Europe in the future.

We have a diversified product portfolio that
is designed to satisfy the various demands of our customers and address different urban travel scenarios. Additionally, we aim to refresh
our product offerings continuously to align with evolving market trends. As of July 15, 2025,
we offered 27 E-motorcycle products, 36 E-bike products and 38 E-scooter products.

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We are currently in the process of developing
a Fly E-Bike app, which is a management service mobile software for our EVs, enabling customers to purchase bikes, locate company stores,
schedule bike repairs, and more. We aim to design an app that will bring users a comprehensive intelligent experience to create a safer
and more satisfying riding life. The development of the app is still in its preliminary stage. We have launched a testing version of
the app, which is currently unavailable to our customers. In December 2023, the Company engaged DF Technology US Inc (“DFT”)
for certain technology services, for the development of the enterprise resource planning system (“ERP system”), and in July
2024, the Company engaged DFT to develop a mobile phone application for its renal services, the GO FLY APP. The total contract price
for the GO FLY APP is $500,000, and