Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 455

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1B
Chunk 455
---
,
prior to deducting the placement agent’s fees and offering expenses payable by the Company. Each share of common stock was sold
together with two warrants, with each warrant to purchase one share of common stock. Each warrant is exercisable immediately with an exercise
price equal to 120% of the offering price ($1.4565 per share) and expires on the fifth anniversary of the issuance date, subject to certain
adjustments.

On June 10, 2025, the Company paid off the short-term
loan of $255,000 from AOWINV LLC.

On June 23, 2025, a total of 19 subsidiaries of
the Company obtained short-term loans from Strip Inc. with an aggregate principal amount of $379,900. The loan terms vary across subsidiaries,
with repayment periods ranging from 42 weeks to 12 months. Repayment schedules differ by agreement and include both weekly and monthly
installment options. The stated annual interest rates range from 12.0% to 22.8%.

On July 1, 2025, the Company sold three subsidiaries:
OFLYO INC, FLYCYCLE INC, and FLYBX2381 INC to third-party individuals. The consideration determined was $106,647. As of July 15, 2025,
the Company did not receive any consideration from the third-party individuals.

On July 3, 2025, the Company implemented a 1-for-5
reverse stock split of its common stock. The reverse stock split reduced the number of shares of common stock issued and outstanding from
53,183,053 to approximately 10,636,611 as of July 3, 2025. The par value per share remained unchanged at $0.01.

From June 24, 2025 to July 9, 2025, certain holders of the Company’s outstanding warrants exercised their
rights to acquire common stock. The exercises were completed on a cashless basis pursuant to the terms of the warrant agreements, resulting
in the issuance of 7,419,477 shares of common stock. The exercises did not generate any cash proceeds to the Company. All share numbers
for warrant exercises prior to the reverse stock split have been retroactively adjusted to reflect the 1-for-5 reverse stock split.

F-33

On November 27, 2024, the Company’s subsidiary, AOFL LLC (the “borrower”) obtained four thirty-year long-term loans of $525,000,