Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 141

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 141
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In
October 2024, the Company started to offer rental services through its  subsidiaries, GOBIKE INC, in New York, and FLYLA INC, in Log
Angeles. 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. 

6 — INTANGIBLE ASSETS, NET

Intangible assets as of December 31, 2024 and March 31, 2024 consisted
of the following:

    December 31,  2024  
    March 31,  2024 
  
    Property rights 
    $92,604  
    $38,032 
  
    GO FLY App 
     500,000  
     — 
  
    Total Intangible assets 
     592,604  
     38,032 
  
    Less: Accumulated Amortization 
     (32,479) 
     (1,648)
  
    Intangible assets, net 
    $560,125  
    $36,384 

For the three months ended December 31, 2024 and
2023, the amortization expenses were $21,985 and nil, respectively. For the nine months ended December 31, 2024 and 2023, the amortization
expenses were $30,831 and nil, respectively.  

In July 2024, the Company engaged DFT, a related
party, to develop a new APP, GO FLY APP, for the rental business. The total contract price for the GO FLY APP is $500,000, and the GO
FLY APP was delivered on September 5, 2024.

19

7 — ACCRUED EXPENSES AND OTHER PAYABLES

    December 31,  2024  
    March 31,  2024 
  
    Accrued payroll 
    $42,196  
    $121,120 
  
    Advances from customers 
     26,445  
     25,099 
  
    Advances from IGH Holding Inc 
     49,000