Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 362

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1B
Chunk 362
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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 will depend on the future realization
of our current assets. Management has considered the historical experience, the economy, trends in the retail industry, the expected
collectability of the accounts receivable and the realization of the inventories as of March 31, 2025. Our ability 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.

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