Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 221

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 2
Chunk 221
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 still in its preliminary stage. We have launched a testing version of
the app, which is currently unavailable to our customers. In December 2023, the Company engaged DF Technology US Inc (“DFT”)
for certain technology services, for the development of the enterprise resource planning system (“ERP system”), and in July
2024, the Company engaged DFT to develop a mobile phone application for its renal services, the GO FLY APP. The total contract price
for the GO FLY APP is $500,000, and the GO FLY APP was delivered and launched in the rental business on September 5, 2024. As of December
31, 2024, the Company paid $536,580 to DFT as prepayment for software development.  

We source a significant portion of our vehicle
components from China and the United States, and then assemble them into our vehicles in a facility located in Maspeth, New York.
For the three months ended December 31, 2024, we produced 728 E-motorcycles, 930 E-bikes and 200 E-scooters at this facility. For the
nine months ended December 31, 2024, we produced 3,842 E-motorcycles, 5,713 E-bikes and 1,480 E-scooters at the same facility.

Recent Developments

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 the 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. The share number and related data in this Report has been updated to reflect the stock split referenced
above.

32

Initial Public Offering

On June 7, 2024, we sold 2,250,000 shares of common
stock, at a price of $4.00 per share in our IPO. The gross proceeds of the offering were $9