Company: FLYE
Filing Date: 2025-12-18
Form Type: 10-Q
Source: 0001213900-25-123281
Chunk: 138

Company: Fly-E Group, Inc.
Filing Date: 2025-12-18
Form: 10-Q
Item: Item 8
Chunk 138
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 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.   

9

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) 285,956
shares of the common stock at the price of $24.28 per share and (ii) 571,912 warrants to purchase 571,912 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. On September
18, 2025, the Company entered into a securities purchase agreement with third-party individuals offering of 687,500 shares of the common
stock at the price of $16.0 per share for a total consideration of $11,000,000. During the six months ended September 30, 2025, the Company
received net proceeds of $3,400,000 from the investors. The remaining net proceeds of $7,596,558 were all received in October and November
2025. As of September 30, 2025, the Company had working capital of approximately $8.1 million and cash of approximately $2.5 million.
During the six months ended September 30, 2025, the Company had net loss of approximately $3.8 million. During the six months ended September
30, 2025, net cash used in operating activities of the Company was approximately