Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 194

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1A
Chunk 194
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 features, offerings and services
to enhance the experience of customers.

If our assumptions regarding
these risks and uncertainties, which we use to plan and operate our business, are incorrect or change, or if we do not address these risks
successfully, our results of operations could differ materially from our expectations and our business, prospects, financial condition
and operating results could be adversely affected.

There is substantial doubt about our ability
to continue as a going concern.

We believe there is substantial
doubt about our ability to continue as a going concern as of the date of this annual report. The going concern may be included in our
future reports and could materially limit our ability to raise additional funds through the issuance of new debt or equity securities
or otherwise.

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 March 31, 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, we had a current portion of contractual obligation of approximately $8.9 million. We plan to alleviate the going
concern risk through (i) equity financing to support the Company’s working capital; (ii) other available sources of financing
(including debt) from banks and other financial institutions; and (iii) financial support from the Company’s related parties.
There is no assurance that we will be successful in implementing the foregoing plans or that additional financing will be available to
us on commercially reasonable terms, or at all. Our inability to secure needed financing when required could require material changes
to our business plans and could have a material adverse effect on our ability to continue as a going concern and results of operations.

We identified material weaknesses in our
internal control over financial reporting. If we are unable to remediate these material weaknesses, or identify additional material weaknesses
in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report
our financial condition or results of operations, which may adversely affect our business