Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 2605

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 15
Chunk 2605
---
 A Maryland corporation ● Incorporated on April 9, 2024 ● A retail store   100% owned by Fly E-Bike, Inc.             AOFL LLC    ● A New York corporation ● Incorporated on June 25, 2024 ● A holding company   100% owned by Fly E-Bike, Inc.             GOBIKE INC    ● A New York corporation ● Incorporated on July 16, 2024 ● A rental store   100% owned by Fly E-Bike, Inc.             FLYEBIKE BOSTON INC.    ● A Massachusetts corporation ● Incorporated on September 1, 2024 ● A retail store   100% owned by Fly E-Bike, Inc.               FLYNJ1 INC    ● A Massachusetts corporation ● Incorporated on January 29, 2025 ● A retail store   100% owned by Fly E-Bike, Inc.   

F-10

Liquidity and Going Concern

In assessing the Company’s liquidity, the
Company monitors and analyzes its cash on-hand and its operating and capital expenditure commitments. The Company’s liquidity needs
are to meet its working capital requirements, operating expenses and capital expenditure obligations. Debt financing from financial institutions
and equity financings have been utilized to finance the working capital requirements of the Company.

On June 7, 2024, the Company closed the IPO of
450,000 shares of the common stock at the price of $20.00 per share, resulting in net proceeds to the Company of $7.9 million after deducting
underwriting discounts and commissions and offering expenses. On June 25, 2024, the Company sold an additional 67,500 shares of common
stock to the underwriters of the IPO for gross proceeds of $1.4 million upon full exercise of the underwriters’ over-allotment option
and received net proceeds of approximately $1.2 million.

As of March 31, 2025, the Company had working capital of approximately
$1.3 million and cash of approximately $0.8 million. During the year ended March 31, 2025, the Company had net loss of approximately
$5.3 million. During the year ended March 31, 2025, net cash used in operating activities of the Company was approximately $10.1 million.
As of March 31, 2025, the Company