Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 2056

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 9C
Chunk 2056
---
CEO), owns over 50% equity interest of this entity  Accounts receivable  $78,565   $326,914   Accounts receivable – related parties         78,565    326,914   Less: Allowance for credit loss         41,100    —   Accounts receivable, net - related parties        $37,465   $326,914  

During the year ended March 31, 2025, the Company
received $290,359 from Fly E Bike SRL. The Company accrued $41,100 credit losses during the year ended March 31, 2025.

Prepayments and other receivables — related
parties

  Name of Related Party  Relationship  Nature  March 31,  2025   March 31,  2024   Fly E Bike SRL  Zhou Ou (CEO), owns over 50% equity interest of this entity  Other receivables  $—   $180,256   PJMG LLC  Ruifeng Guo (former CFO who resigned on November 6, 2024), owns over 50% equity interest of this entity  Prepayments   120,000    60,000   Prepayments and other receivables – related parties        $120,000   $240,256  

During the year ended March 31, 2025, the Company
advanced nil to Fly E Bike SRL, a distributor the Company works with and in which Mr. Ou holds over 50% of the equity interest. This advance
is unsecured, bears no interest and does not have a maturity date. On June 12, 2024, the Company received $180,256 from Fly E Bike SRL.
On April 1, 2023, the Company agreed to retain the services of PJMG, a company in which Mr. Guo, the Company’s former CFO who resigned
on November 6, 2024, holds over 50% of the equity interests as a consultant following the completion of its IPO. PJMG was engaged to provide
compliance consulting services related to accounting, finance, and management, as well as to oversee market planning and development,
follow-on fundraising, and investor relationship management from June 2024 to May 2025. The service fee is $45