Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 162

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 162
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,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 $9.0 million, prior to deducting the underwriting
discounts, commissions and offering expenses payable by the Company. In addition, we granted the underwriters a 30-day option to purchase
an additional 337,500 shares of common stock at the initial public offering price, less underwriting discounts and commissions, to cover
over-allotments. On June 25, 2024, we sold an additional 337,500 shares of common stock to the underwriters of our IPO for gross proceeds