Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 168

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 168
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 During the year ended March 31, 2024, Mr.
Ou paid certain vendors of the Company to settle certain accounts payable balance on behalf the Company. On June 30, 2023, the Company
transferred $, a portion of the accounts payable balance, along with a cash contribution of $ from Mr. Zhou Ou as capital
contribution (see Note 9). On July 18, 2023, Mr. Ou paid $ to one of the vendors on behalf the Company. As of March 31, 2024, a
total of $ were transferred and recorded as capital contribution (see Note 9).

(ii) 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 CFO, 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 $ and
$ for the years ended March 31, 2024 and 2023, respectively. In addition, during the year ended March 31, 2024, the Company paid
DGLG a total of $ for tax services rendered by DGLG.

14 - SUBSEQUENT EVENTS The Company has evaluated subsequent events after March 31, 2024, up through June 27, 2024, the date at which the consolidated financial statements were issued, except for the event mentioned below the Company did not identify any subsequent events with material financial impact on the Company’s consolidated financial statements. On April 25, 2024, the Company paid off the loan from Sinoelite Corp of $ 100,000. On June 7, 2024, the Company completed its initial public offering and issued 2,250,000shares of common stock, at a price of $ 4.00per share. The gross proceeds of the offering were $ 9.0million, prior to deducting the underwriting discounts, commissions and offering expenses payable by the Company. In addition, the Company granted the underwriters a 30-day option to purchase an additional 337,500shares of common stock at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments.