Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 294

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1A
Chunk 294
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 (i) As of March 31, 2025 and 2024, the prepayments to vendors were $2.4 million and $0.1 million, respectively. The increase in prepayments to vendors was primarily due to the Company’s anticipation of growth in future sales and rental services. The Company plans to purchase more E-vehicles and related accessories from oversea and U.S. vendors to support the expansion in retail and rental markets. These prepayments to vendors are expected to be settled by the end of October 2025.       (ii)  On December 17, 2024, the management team approved a plan to sell 100% of its equity interests in subsidiaries FLYMHT INC, FLY14 CORP, EDISONEBIKE INC, and FLY6AVE INC to third-party individuals (the “Buyers”). On January 1, 2025, the Company entered into share transfer agreements with the Buyers for total cash consideration of $635,193. The full consideration should be settled in cash at closing date, which was January 1, 2025. As of March 31, 2025, the Company did not any receive consideration   (See Note - 14 — DISPOSAL OF SUBSIDIARIES). As of March 31, 2025, the Company had other receivables of $29,074 from a third-party individual. 

5 — PROPERTY AND EQUIPMENT, NET

Property and equipment as of March 31, 2025 and
2024 consisted of the following:

    March 31,  2025  
    March 31,  2024 
  
    Furniture & Fixtures 
    $400,080  
    $400,558 
  
    Machinery & Equipment 
     230,015  
     212,317 
  
    Automobile 
     669,902  
     306,607 
  
    Leasehold improvements 
     683,595  
     976,870 
  
    Building (ii) 
     3,663,215  
     — 
  
    Computer hardware and software (i) 
     2,310,000  
     — 
  
    Construction in progress-Software  
     —  
     275,000 
  
    Properties for rental business (iii) 
     193,963  
     — 
  
    Property