Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 2623

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 15
Chunk 2623
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  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 and Equipment 
     8,150,770  
     2,171,352 
  
    Less: Accumulated depreciation 
     (863,557) 
     (416,330)
  
    Property and Equipment, net 
    $7,287,213  
    $1,755,022 

For the years ended March 31, 2025 and 2024, the
depreciation expenses were $631,280 and $272,708, respectively.

  (i) In December 2023, the Company engaged