13 — RELATED PARTY TRANSACTIONS

(A) Related party balances

Accounts receivable, net — a related party

During the three months ended June 30, 2025, the Company received nil from Fly E Bike SRL.

Prepayments and other receivables — related parties

During the three months ended June 30, 2025, the Company advanced $147,288 to Fly E Bike SRL, a distributor the Company works with and in which Mr. Ou holds over 50% of the equity interest.

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 originally from June 2024 to May 2025, further extended to September 2025. The service fee is $45,000 for the first month and from the second month the fees will be $15,000 per month.

Long-term prepayment for software development – a related party

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 June 30, 2025 and March 31, 2025, the Company paid $nil and $136,580 to DFT as prepayment for software development, respectively. The total contract price for the ERP system is $2,500,000, and the ERP system was delivered on May 20, 2025. (see Note 5 – Property and Equipment).

(B) Related party transactions  

Revenues — a related party

During the three months ended June 30, 2025 and 2024, Fly E Bike SRL, a distributor the Company works with and in which Mr. Ou holds over 50% of the equity interest, purchased certain EV products from the Company in the amount of $nil and $3,642, respectively.

(C) Other Related Party Transactions

On March 6, 2021, the Company and DGLG entered into an engagement letter, pursuant to which the Company engaged DGLG as a consultant to assist the Company in its IPO planning, financing and tax services. Mr. Guo, the Company’s former CFO who resigned on November 6, 2024, is a partner at DGLG. Under the terms of the engagement agreement with DGLG, the Company has agreed to compensate DGLG for consulting services based on an hourly fee arrangement. DGLG’s consulting fees were nil and $225,000 for the three months ended June 30, 2025 and 2024, respectively. In addition, during the three months ended June 30, 2025 and 2024, the Company paid DGLG a total of $106,175 and $15,600 for tax services, including sales tax services, payroll tax services, and income tax services, rendered by DGLG, respectively.

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. To secure these services, the Company prepaid a total of $75,000 to PJMG as of June 30, 2025, and $45,000 was expensed as consulting expenses during the three months ended June 30, 2025. During the three months ended June 30, 2025, the Company paid PJMG $45,000 for offering costs related to the Company’s secondary offering which has been deducted from the Company’s additional paid-in capital. During the three months ended June 30, 2024, $15,000 was expensed as consulting expenses.