Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 1

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1
Chunk 1
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replace a fully charged battery at any of our stores within a minute.

Our net revenues were approximately
$25.4 million for the year ended March 31, 2025, consisting of retail sales revenue of approximately $21.7 million, wholesale
revenue of approximately $3.5 million, and rental services revenue of $171,867. Our net revenues were approximately $32.2 million
for the year ended March 31, 2024, consisting of retail sales revenue of approximately $26.4 million and wholesale revenue of
$5.8 million.

Recent Developments

2024 Stock Split

In April 2024, we effected
a stock split of our authorized and all issued and outstanding shares of our common stock and preferred stock at a split ratio of 1-for-110,000,
where the par value of the Company’s common stock remained unchanged at $0.01 per share, and number of authorized shares of the
Company’s capital stock was increased from 440 to 48,400,000, with the number of authorized shares of common stock and preferred
stock being increased from 400 to 44,000,000 and from 40 to 4,400,000, respectively. The issued and outstanding common stock and preferred
stock increased at a split ratio of 1-for-110,000.

1

IPO

On June 7, 2024, we
consummated our initial public officering (the “IPO”) and sold 450,000 shares of common stock, at a price of $20.00 per
share. The gross proceeds of the offering were $9.0 million, prior to deducting the underwriting discounts, commissions and offering
expenses payable by the Company. In addition, we granted the underwriters a 30-day option to purchase an additional 67,500 shares
of common stock at the initial public offering price, less underwriting discounts and commissions, to cover over-allotments. 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. Net proceeds received by us from our initial public offering, including
the exercise of the over-allotment option, were approximately $9.2 million. We also issued to The Benchmark Company, LLC (the