Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 2250

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 11
Chunk 2250
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 RECEIVABLES

Prepayments and other current assets as of March
31, 2025 and 2024 consisted of the following:

    March 31,  2025  
    March 31,  2024 
  
    Prepaid rent 
    $157,683  
    $179,792 
  
    Prepayments to vendors (i) 
     2,353,105  
     143,018 
  
    Prepaid iCloud Server 
     —  
     1,747 
  
    Prepaid insurance 
     214,111  
     237,207 
  
    Prepayments to other service providers 
     269,693  
     26,896 
  
    Prepaid income tax 
     18,127  
     — 
  
    Other receivable from third parties (ii) 
     664,267  
     — 
  
    Total Prepayment and Other Receivables 
    $3,676,986  
    $588,660 

  (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