Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 147

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 147
---
6.5%. The principal amount shall be paid to He’s Realty Holdings LLC in one or more installments on or before August 11, 2025, and during the one-year borrowing period, AOFL LLC only needs to pay interest of $9,750 to He’s Realty Holdings LLC on a monthly basis. The collateral provided was the office purchased by AOFL LLC. The loan was paid off in full on November 29, 2024.  

For the three months ended December 31, 2024 and
2023, the total interest expenses on the Company’s outstanding loans amounted to $155,673 and $31,558, respectively. For the nine
months ended December 31, 2024 and 2023, the total interest expenses on the Company’s outstanding loans amounted to $247,550 and
$82,150, respectively.

22

9 — STOCKHOLDER’S EQUITY

Prior to the effectiveness of the stock split
discussed below, the Company was authorized to issue 400 shares of common stock having a par value of $0.01 per share and 40 shares of
preferred stock having a par value of $0.01 per share. There were 200 shares of common stock were issued and outstanding prior to the
effectiveness of the stock split.

On March 27, 2024, the Company’s board of
directors approved a 1-for-110,000 stock split of the Company’s capital stock. The stock split became effective on April 2, 2024.
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.

On June 7, 2024, the Company completed its initial
public offering and issued 2,250,000 shares of common stock, at a price of $4.00 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, the Company
granted the underwriters a 30-day option to purchase an additional 337,500 shares of common stock at the initial public offering price,