Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 107

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 107
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.             FLYTORONTO Corp.   ● A Toronto corporation ● Incorporated on October 18, 2023 ● A retail store   100% owned by Fly E-Bike, Inc.             FLYLA INC.   ● A California corporation ● Incorporated on December 1, 2023 ● A retail and rental store   100% owned by Fly E-Bike, Inc.             FWMOTOR INC.   ● A New York corporation ● Incorporated on April 3, 2024 ● A retail store   100% owned by Fly E-Bike, Inc.             DCMOTOR INC.   ● A Maryland corporation ● Incorporated on April 9, 2024 ● A retail store   100% owned by Fly E-Bike, Inc.             AOFL LLC   ● A New York corporation ● Incorporated on June 25, 2024 ● A holding company   100% owned by Fly E-Bike, Inc.             GOBIKE INC   ● A New York corporation ● Incorporated on July 16, 2024 ● A rental store   100% owned by Fly E-Bike, Inc.             FLYEBIKE BOSTON INC.   ● A Massachusetts corporation ● Incorporated on September 1, 2024 ● A retail store   100% owned by Fly E-Bike, Inc.               FLYNJ1 INC   ● A Massachusetts corporation ● Incorporated on January 29, 2025 ● A retail store   100% owned by Fly E-Bike, Inc.   

8

Liquidity and Going Concern

In assessing the Company’s liquidity, the Company monitors and analyzes its cash
on-hand and its operating and capital expenditure commitments. The Company’s liquidity needs are to meet its working capital requirements,
operating expenses and capital expenditure obligations. Debt financing from financial institutions and equity financings have been utilized
to finance the working capital requirements of the Company.

On June 4, 2025, the Company closed a public offering
of (i) 5,719,111 shares of the common stock at the price of $1.2140 per share and (ii) 11,438,222 warrants to purchase 11,438,222 shares
of common stock, resulting in net proceeds to the Company of approximately $6.1 million after deducting placement agent’s fees and
offering expenses