Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 2515

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 14
Chunk 2515
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 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 7, 2024, the Company closed the IPO of
450,000 shares of the common stock at the price of $20.00 per share, resulting in net proceeds to the Company of $7.9 million after deducting
underwriting discounts and commissions and offering expenses. On June 25, 2024, the Company sold an additional 67,500 shares of common
stock to the underwriters of the IPO for gross proceeds of $1.4 million upon full exercise of the underwriters’ over-allotment option
and received net proceeds of approximately $1.2 million.

As of March 31, 2025, the Company had working capital of approximately
$1.3 million and cash of approximately $0.8 million. During the year ended March 31, 2025, the Company had net loss of approximately
$5.3 million. 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. 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 $6.1 million after deducting placement agent’s
fees and offering expenses. Management has determined there is substantial doubt about its ability to continue as a going concern. Management
plans 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 the Company will be successful in implementing the foregoing plans or that additional financing
will be available to the Company on commercially reasonable terms, or at all