Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 165

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 165
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 of $1.3 million, compared to net income of $57,021 for the three months ended June 30, 2024, which was mainly attributable
to the decrease in revenue, and increase in general and administrative expenses described above. The ratio of EBITDA to revenue was (23.9)%
and 0.7% for the three months ended June 30, 2025 and 2024, respectively.

40

Liquidity and Capital Resources

As of June 30, 2025, we had cash of $2.3 million. We had working capital
of $6.0 million and $1.3 million as of June 30, 2025 and March 31, 2025, respectively. We had net loss of $2.0 million and
$0.2 million for the three months ended June 30, 2025 and 2024, respectively. During the three months ended June 30, 2025, net cash used
in operating activities of the Company was approximately $5.3 million. As of June 30, 2025, the Company had a current portion of contractual
obligation of approximately $9.3 million.

We have funded our working capital and other capital requirements
in the past primarily by equity contributions from our stockholders and net proceeds received from IPO and equity financing, cash flow
from operations, and bank loans. Our ability to repay our current obligation will depend on the future realization of our current assets.
Management has considered the historical experience, the economy, trends in the retail industry, the expected collectability of the accounts
receivable and the realization of the inventories as of June 30, 2025. Our ability to continue to fund working capital and other capital
requirements may be affected by general economic, competitive and other factors, many of which are outside of our control.

On June 4, 2025, the Company issued 5,719,111
shares of common stock, at a price of $1.2140 per share in its follow-on public offering for gross proceeds of $6.9 million, prior to
deducting the placement agent’s fees and offering expenses payable by the Company.

As of June 30, 2025, the Company had working capital of approximately
$6.0 million and cash of approximately $2.3 million. The main cash outflow for the three months ended June 30,