Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 64

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1
Chunk 64
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    Depreciation 
     631,280  
     272,708  
     358,572  
     131.5%
  
    Interest Expenses 
     405,615  
     152,050  
     253,565  
     166.8%
  
    Amortization 
     65,091  
     1,648  
     63,443  
     3849.7%
  
    EBITDA 
    $(3,853,007) 
    $3,504,561  
    $(7,357,568) 
     (209.9)%
  
    Percentage of Revenue 
     (15.2)% 
     10.9% 
        
     (26.1)%

Before interest expenses, income tax, depreciation,
and amortization, for the year ended March 31, 2025, our net loss was $3.9 million, a change of $7.4 million, compared to net income
of $3.5 million for the year ended March 31, 2024, which was mainly attributable to the decrease in revenue, increase in selling
expenses and general and administrative expenses described above. The ratio of EBITDA to revenue was negative 15.2% and 10.9% for the
year ended March 31, 2025 and 2024, respectively.

39

Liquidity and Capital Resources

As of March 31, 2025, we had cash of $0.8 million.
We had working capital of $1.3 million and $0.3 million as of March 31, 2025 and 2024, respectively. We had net loss of $5.3 million
and net income of $1.9 million for the year ended March 31, 2025 and 2024, respectively. During the year ended March 31, 2025, net cash
used in operating activities of the Company was approximately $10.1 million. As of March 31, 2025, the Company had a current portion
of contractual obligation of approximately $8.9 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