Company: FLYE
Filing Date: 2025-12-18
Form Type: 10-Q
Source: 0001213900-25-123281
Chunk: 91

Company: Fly-E Group, Inc.
Filing Date: 2025-12-18
Form: 10-Q
Item: Item 1
Chunk 91
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 to continue to fund working capital
and other capital requirements may be affected by general economic, competitive and other factors, many of which are outside of our control.

50

On June 4, 2025, the Company issued 285,956 shares
of common stock, at a price of $24.28 per share in its follow-on public offering for gross proceeds of $6.9 million, prior to deducting
the placement agent’s fees and offering expenses payable by the Company.

On September 18, 2025, the Company entered into
a securities purchase agreement with third-party individuals offering of (i) 687,500 shares of the common stock at the price of $16.0
per share for a total consideration of $11,000,000. During the Six months ended September 30, 2025, the Company received proceeds of $3,400,000
from the investors. The remaining net proceeds of $7,596,558 were all collected in October and November 2025.

As of September 30, 2025, the Company had working
capital of approximately $8.1 million and cash of approximately $2.5 million. The main cash outflow for the six months ended September
30, 2025 was from net loss of $3.8 million, a decrease in accounts payable of $0.7 million, an increase in accounts receivable
of $1.0 million, an increase in inventory of $1.1 million, and an increase in prepayments and other receivables of $1.4 million.
As of September 30, 2025, the Company had a current portion of contractual obligation of approximately $7.8 million, including short-term
loan payables of approximately $5.5 million, current portion of long-term loan payables of approximately $0.2 million, accrued UL penalty
of $0.2 million and current portion of operating lease liabilities of approximately $1.8 million. The Company became default of repayment
for loan with Peapack-Gladstone Bank since August 31, 2025. For the six months ended September 30, 2025, the Company paid $373,683 on
interest of the line of credit without further penalty. From October 1 to December 16, 2025, the Company paid $1,000,000, $172,693 and
$117,921 on principal, interest and forbearance