Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 132

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 132
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  (ix) On June 23, 2025, a total of 8 subsidiaries of the Company obtained 42-week short-term loans from Stripe, Inc. with an aggregate principal amount of $126,100 and 18-month long-term loans from Stripe, Inc. with an aggregate principal amount of $216,000. Repayment schedules differ by agreement and include both weekly and 60-day installment options. The stated annual interest rates range from 10.2% to 20.4%. 

For
the three months ended June 30, 2025 and 2024, the total interest expenses on the Company’s outstanding loans amounted to $546,234
and $68,082, respectively. The weighted average annual interest rate   on
short-term borrowings outstanding as of June 30, 2025 and March 31, 2025 was 37% and 13.1%, respectively.

22

9 — STOCKHOLDERS’ EQUITY

Prior to the effectiveness of the stock splits
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 splits.

2024 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 amended and restated the certificate of incorporation to authorize the
Company to issue up to 110,000,000 shares. 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 increased to 110,000,000, with the number of authorized shares of
common stock and preferred stock being