Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 108

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 108
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. As of June 30, 2025, the Company had working capital of approximately $6.0 million and cash of approximately $2.3 million.
During the three months ended June 30, 2025, the Company had net loss of approximately $2.0 million. 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. Management has determined there is substantial doubt about its
ability to continue as a going concern. Management plans to alleviate the going concern risk through (i) equity financing to support the
Company’s working capital; (ii) other available sources of financing (including debt) from banks and other financial institutions;
and (iii) financial support from the Company’s related parties. There is no assurance that the Company will be successful in implementing
the foregoing plans or that additional financing will be available to the Company on commercially reasonable terms, or at all. The Company’s
inability to secure needed financing when required could require material changes to the Company’s business plans and could have
a material adverse effect on the Company’s ability to continue as a going concern and results of operations. The unaudited condensed
consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation
of liabilities in the normal course of business. The unaudited condensed consolidated financial statements do not include any adjustments
that might result from the outcome of such uncertainties.

2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of the Company have
been prepared in accordance with accounting principles generally accepted in the U.S. (the “U.S. GAAP”) and regulations
of the Securities Exchange Commission (the “SEC”).  The accompanying unaudited condensed consolidated financial
statements contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. The realization
of assets and the satisfaction of liabilities in the normal course of business are dependent on, among other things, the Company’s
ability to operate profitably, to generate cash flows from operations, and its ability to attract investors and to borrow funds on reasonable
economic terms. The results of operations for the three months ended June 30, 2025