Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 212

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 2
Chunk 212
---
  
     117,741  
     123.9%
  
    Interest Expenses 
     546,234  
     68,082  
     478,152  
     702.3%
  
    Amortization 
     27,315  
     951  
     26,364  
     2,772.2%
  
    EBITDA 
    $(1,272,566) 
    $57,021  
    $(1,329,587) 
     (2,331.7)%
  
    Percentage of Revenue 
     (23.9)% 
     0.7% 
        
     (24.6)%

Before
interest expenses, income tax, depreciation, and amortization, for the three months ended June 30, 2025, our net loss was $1.3 million,
a change of $1.3 million, compared to net income of $57,021 for the three months ended June 30, 2024, which was mainly attributable
to the decrease in revenue, and increase in general and administrative expenses described above. The ratio of EBITDA to revenue was (23.9)%
and 0.7% for the three months ended June 30, 2025 and 2024, respectively.

40

Liquidity and Capital Resources

As of June 30, 2025, we had cash of $2.3 million. We had working capital
of $6.0 million and $1.3 million as of June 30, 2025 and March 31, 2025, respectively. We had net loss of $2.0 million and
$0.2 million for the three months ended June 30, 2025 and 2024, respectively. During the three months ended June 30, 2025, net cash used
in operating activities of the Company was approximately $5.3 million. As of June 30, 2025, the Company had a current portion of contractual
obligation of approximately $9.3 million.

We have funded our working capital and other capital requirements
in the past primarily by equity contributions from our stockholders and net proceeds received from IPO and equity financing, cash flow
from operations, and bank loans. Our ability to repay our current obligation will depend on the future realization of our current assets.
Management has considered the