v3.25.2
Prepayments and Other Receivables (Tables)
 3 Months Ended
Jun. 30, 2025
Prepayments and Other Receivables [Abstract]  
Schedule of Prepayments and Other Current Assets

Prepayments and other receivables   as of June 30, 2025 and March 31, 2025 consisted of the following:

 

   June 30,
2025		   March 31,
2025		 
Prepaid rent  $159,495   $157,683 
Prepayments to vendors (i)   3,947,312    2,353,105 
Prepaid insurance   155,481    214,111 
Prepayments to other service providers   957,664    269,693 
Prepaid income tax   68,191    18,127 
Other receivable from third parties (ii)   962,649    664,267 
Total Prepayment and Other Receivables  $6,250,792   $3,676,986 

 

(i) As of June 30, 2025 and March 31, 2025, the prepayments to vendors were approximately $3.9 million and $2.4 million, respectively. The increase in prepayments to vendors was primarily due to the Company’s anticipation of growth in future sales and rental services. The Company plans to purchase more E-vehicles and related accessories from overseas and U.S. vendors to support the expansion in retail and rental markets. These prepayments to vendors are expected to be utilized   by the end of October 2025.

 

(ii)

On January 1, 2025, the Company entered into share transfer agreements for sales of 100% of its equity interests in subsidiaries – FLYMHT INC, FLY14 CORP, EDISONEBIKE INC, and FLY6AVE INC – to third-party buyers for a total cash consideration of $635,193, with no contingent payments or adjustments. In June 2025, the Company received $103,000 from the buyers. As of June 30, 2025, the remaining consideration due from such buyers was $532,193 (See Note - 14 — DISPOSAL OF SUBSIDIARIES).

 

On April 1, 2025, the Company entered into share transfer agreements for the sale of 100% of its equity interests in subsidiaries – FLYEBIKE BROOKLYN INC, FLYMHT659 INC, and FLYBX745 INC – to third-party buyers for a total cash consideration of $310,055, with no contingent payments or adjustments. In June 2025, the Company received $30,000 from the buyers. As of June 30, 2025, the remaining consideration due from such buyers was $280,055 (See Note - 14 — DISPOSAL OF SUBSIDIARIES).

 

On May 1, 2025, the Company entered into share transfer agreements for the sale of 100% of its equity interests in subsidiaries – ARFY CORP., FLY GC INC., and ESEBIKE INC – to third-party buyers for a total cash consideration of $156,517, with no contingent payments or adjustments. In June 2025, the Company received $55,000 from the buyers. As of June 30, 2025, the remaining consideration due from such buyers was $101,517 (See Note - 14 — DISPOSAL OF SUBSIDIARIES).

 

On June 1, 2025, the Company entered into share transfer agreements for the sale of 100% of its equity interests in subsidiaries – UFOTS CORP and FLYCORONA INC – to third-party buyers for a total cash consideration of $60,207, with no contingent payments or adjustments. In June 2025, the Company received $27,000 from the buyers. As of June 30, 2025, the remaining consideration due from such buyers was $33,207 (See Note - 14 — DISPOSAL OF SUBSIDIARIES).

 

As of June 30, 2025 and March 31, 2025, the Company had other receivables of $15,677 and $29,074 from a third-party individual, respectively.