Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 32

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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2,310,000 
  
    Properties for rental business (ii) 
     243,776  
     193,963 
  
    Property and Equipment 
     8,061,661  
     8,150,770 
  
    Less: Accumulated depreciation 
     (935,416) 
     (863,557)
  
    Property and Equipment, net 
    $7,126,245  
    $7,287,213 

For the three months ended June 30, 2025 and 2024, the depreciation expenses were $212,792
and $95,051, respectively.

  (i) In December 2023,
the Company engaged DFT, a former related party, for certain technology services, such as ERP system. The total contract price for the
ERP system is $2,500,000. The ERP system is fully completed and delivered on May 20, 2025. During the fiscal year of 2025, the Company
started to use part of the ERP system which was valued at $2,310,000 and treated that part as computer hardware and software and started
for depreciation. As of June 30, 2025 and March 31, 2025, the Company had a prepayment of $nil and $136,580, respectively, to DFT (see
Note 13 – Long-term prepayment for software development – a related party).       (ii) In October 2024, the Company started to offer rental services through its subsidiaries, GOBIKE INC, in New York, FLYLA INC, in Log Angeles, and FLYTORONTO CORP., in Toronto. The rental term is from one hour to one month. In New York, the Company offers a single model of E-Bike for rent, FLY 11 PRO GOFLY as of the date of this report. In Log Angeles, the Company offers 31 types of E-Bikes and E-scooters for rent, including FLY AIR2, FLY TANK, and FLY 11 PRO. In Toronto, the Company offers three types of E-Bikes for rent, FLY 7, FLY 11, and FLY 11 PRO. 

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6 — INTANGIBLE ASSETS, NET

Intangible assets as of June 30, 2025 and March 31, 2025 consisted of the following: