Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 139

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 139
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paid income tax 
     86,705  
     — 
  
    Prepayments to other service providers 
     275,510  
     26,896 
  
    Total Prepayment and Other Receivables 
    $2,306,692  
    $588,660 

As of December 31, 2024 and March 31, 2024, the
prepayments to vendors were $1.6 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 vendors to support the expansion in retail and rental markets. These prepayments to vendors are expected to be
settled by the end of March 2025.

18

5 — PROPERTY AND EQUIPMENT, NET

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

    December 31,  2024  
    March 31,  2024 
  
    Furniture & Fixtures 
    $419,950  
    $400,558 
  
    Machinery & Equipment 
     267,477  
     212,317 
  
    Automobile 
     669,909  
     306,607 
  
    Leasehold improvements 
     963,759  
     976,870 
  
    Building 
     3,663,215  
     — 
  
    Construction in progress-Software 
     1,910,000  
     275,000 
  
    Properties for rental business 
     65,618  
     — 
  
    Property and Equipment 
     7,959,928  
     2,171,352 
  
    Less: Accumulated depreciation 
     (727,239) 
     (416,330)
  
    Property and Equipment, net 
    $7,232,689  
    $1,755,022 

For the three months ended December 31, 2024 and
2023, the depreciation expenses were $130,000 and $13,229, respectively. For the nine months ended December 31, 2024 and 2023, the depreciation
expenses were $310,910 and $203,788, respectively.

In