Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 1296

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 7
Chunk 1296
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 other capital requirements may be affected by general economic, competitive and other factors, many of which are
outside of our control.

On June 7, 2024, we sold
450,000 shares of common stock, at a price of $20.00 per share in our IPO. The gross proceeds of the IPO were $9.0 million, prior to deducting
the underwriting discounts, commissions and offering expenses payable by us. Net proceeds received by us from IPO were approximately $7.9
million. On June 25, 2024, we sold an additional 67,500 shares of common stock to the underwriters of our IPO for gross proceeds of $1.4
million upon full exercise of the underwriters’ over-allotment option and received net proceeds of $1.2 million. On June 4, 2025,
Company issued 5,719,111 shares of common stock, at a price of $1.2140 per share in its secondary public offering for gross proceeds of
the offering were $6.9 million, prior to deducting the placement agent’s fees and offering expenses payable by the Company.

On July 3, 2025, the Company
implemented a 1-for-5 reverse stock split of its issued and outstanding shares of common stock. The reverse stock split reduced the number
of shares of common stock issued and outstanding from 24,587,500 to 4,917,500 as of March 31, 2025. The par value per share
remained unchanged at $0.01.

As of March 31, 2025, the
Company had working capital of approximately $1.3 million and cash of approximately $0.8 million. The main cash outflow for
the year ended March 31, 2025 was from net loss of $5.3 million, a decrease in tax payable of $1.5 million, an increase in inventories
of $2.5 million, a decrease in operating lease liabilities of $4.9 million, purchase of software from a related party of $0.9 million,
purchase of equipment of $1.6 million and an increase in prepayments and other receivables of $2.5 million. As of March 31,
2025, the Company had a current portion of contractual obligation of approximately $8.9 million. These factors raise substantial doubt
as to the Company’s ability to continue