Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 158

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 158
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 December 31,  2024   March 31,  2024   DF Technology US Inc  Ruifeng Guo (former CFO who resigned on November 6, 2024), owns over 50% equity interest of this entity  Long-term prepayment for software development  $536,580   $1,279,000   Long-term prepayment for software development — related parties, net        $536,580   $1,279,000  

29

In December 2023, the Company engaged DFT
for development of certain technology services. Mr. Guo, the Company’s former CFO who resigned on November 6, 2024, owns over
50% of the equity interest in DFT. As of December 31, 2024 and March 31, 2024, the Company paid $536,580 and $1,279,000 to DFT as
prepayment for software development, respectively. As of December 31, 2024 and March 31, 2024, construction in progress was $1,910,000
and $275,000, respectively (see Note 5 – Property and Equipment).

Other payables — related parties

  Name of Related Party  Relationship  Nature  December 31,  2024(i)   March 31, 2024(i)   Zhou Ou  Chairman, CEO of the Company  Other payable  $—   $92,229   Other Payables-related parties        $—   $92,229  

    (i)
    Represents the remaining balance of the advance provided by the related party to the Company’s subsidiaries for the purpose of supporting their business operations.

All of the above payables are unsecured, non-interest
bearing, and due on demand. The Company paid a total of $92,229 and $198,615 to Mr. Zhou Ou during the nine months ended December 31,
2024 and 2023, respectively.

(B) Related party transactions  

Revenues — related parties

           For the three Months Ended  December 31   For the Nine Months Ended December 31   Name of Related Party  Relationship  Nature  2024   2023   2024   2023   Fly E Bike SRL  Zhou Ou (CEO