Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 2631

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 15
Chunk 2631
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15, 2025, the Company paid $61,142 on principal and interest of the loan.   

    On August 13, 2024, the Company’s subsidiary, AOFL LLC, obtained a one-year short-term loan of $1,800,000 from He’s Realty Holdings LLC with an annual interest rate of 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.  

  (xi) On February 10, 2023, Fly E-Bike, Inc. obtained a five-month short-term loan of $255,000 from AOWINV LLC with no interest. On June 10, 2025, the Company paid off this loan in full. 

For the years ended
March 31, 2025 and 2024, the total interest expenses on the Company’s outstanding loans amounted to $405,615 and $152,050,
respectively. The weighted average interest rate on short-term borrowings outstanding as of March 31, 2025 and 2024 was 13.1% and
nil, respectively.

F-23

9 — STOCKHOLDER’S EQUITY

Prior to the effectiveness of the 2024 Stock Split and 2025 Reverse
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 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