| Schedule of Company’s Loans |
A summary of the Company’s loans is listed as follows:
| Lender | | Due Date | | June 30,
2025 | | | March 31,
2025 | | | Chase Bank(i) | | January 12, 2028 | | | — | | | | 301 | | | Leaf Capital Funding, LLC(ii) | | September 30, 2027 | | | 31,424 | | | | 34,620 | | | Automobile Loan – Honda(iii) | | June 25, 2027 | | | 18,182 | | | | 20,353 | | | Milea Truck Sales of Queens Inc. (iv) | | August 22, 2027 | | | 96,253 | | | | 106,093 | | | Milea Truck Sales of Queens Inc. (iv) | | July 26, 2027 | | | 69,140 | | | | 76,779 | | | Peapack-Gladstone Bank(v) | | August 31, 2025 | | | 4,936,058 | | | | 4,936,058 | | | Velocity Commercial Capital, LLC (vi) | | December 1, 2054 | | | 1,926,141 | | | | 1,927,729 | | | AOWINV LLC (vii) | | June 10, 2025 | | | — | | | | 255,000 | | | Agile Lending, LLC(viii) | | November 27, 2025 | | | 1,258,862 | | | | — | | | Stripe, Inc. (ix) | | April 20, 2026 | | | 122,793 | | | | — | | | Stripe, Inc. (ix) | | December 22, 2026 | | | 213,185 | | | | — | | | Total loan payables | | | | | 8,672,038 | | | | 7,356,933 | | | Short-term loan payables | | | | | (6,317,712 | ) | | | (5,191,058 | ) | | Current portion of long-term loan payables | | | | | (262,069 | ) | | | (100,835 | ) | | Long-term loan payables | | | | $ | 2,092,257 | | | $ | 2,065,040 | |
| (i) | On January 12, 2023, the Company’s subsidiary, Arfy Corp. obtained a five-year long-term loan of $70,000 from JPMorgan Chase Bank, N.A. with an annual interest rate of 9.8%. Mr. Tong Chen, an original stockholder of the Company, provided a guarantee on this loan. To secure payment and performance of the liabilities, Arfy Corp. pledged to JPMorgan Chase Bank, N.A., a continuing security interest in all of its right, title and interest in all of its properties, whether now owned or hereinafter acquired and whether now existing or hereafter arising. As of June 30, 2025, the Company paid off this loan in full. |
| (ii) | On
August 24, 2022, Universe King Corp. obtained a five-year long-term loan of $63,674 from Leaf Capital Funding, LLC with an annual
interest rate of 7.0%. The collateral provided included the Fuso trucks, whether now owned or hereafter acquired by Universe King Corp.,
and together with all accessories, accessions, attachments thereto, and all other substitutions, renewals, replacements and improvements
and all proceeds of the foregoing. As of June 30, 2025, the outstanding balance is $31,424. From July 1 to August 19, 2025, the Company
paid $2,523 on principal and interest of the loan. |
| (iii) | On
June 12, 2023, Flyebikemiami Inc obtained a four-year long-term loan of $34,974 from AutoNation Honda Miami Lakes with an annual
interest rate of 3.98%. The collateral provided was the Honda vehicle purchased by Flyebikemiami Inc. As of June 30, 2025, the outstanding
balance is $18,182. From July 1 to August 19, 2025, the Company paid $790 on principal and interest of the loan. |
| (iv) | On August 22, 2024, Fly E-Bike, Inc. obtained a three-year
long-term loan of $128,132 from Milea Truck Sales of Queens Inc. with an annual interest rate of 9.90%. The collateral provided was the
FTR 2025 vehicle purchased by Fly E-Bike, Inc. As of June 30, 2025, the outstanding balance is $96,253. From July 1 to August 19, 2025,
the Company paid $8,251 on principal and interest of the loan. On July 26, 2024, Fly E-Bike, Inc. obtained a three-year long-term loan of $96,506 from Milea Truck Sales of Queens Inc. with an annual interest rate of 7.03%. The collateral provided was the NRR-CAB 2025 vehicle purchased by Fly E-Bike, Inc. As of June 30, 2025, the outstanding balance is $69,140. From July 1 to August 19, 2025, the Company paid $5,962 on principal and interest of the loan. |
| (v) | On August 5, 2024, Fly-E Group, Inc obtained a line of credit of $5 million from Peapack-Gladstone Bank with a floating annual interest rate and the current annual interest rate is 8.8%. From August 5 to August 6, 2024, the Company withdrew $996,476 and $423,506 from its line of credit to repay loans from Bank of Hope and JPMorgan Chase Bank, N.A., respectively. From August 7 to August 19, 2024, the Company withdrew $3,490,000 from the line of credit. Mr. Zhou Ou, the Company’s Chief Executive Officer, and Mr. Ke Zhang, the Company’s Chief Human Resource Officer, provided a guarantee on this loan. To secure payment and performance of the liabilities, Fly-E Group granted Peapack-Gladstone Bank a continuing lien on and security interest in all assets of the Company, including accounts, chattel paper, documents, instruments, inventory, general intangibles, equipment, fixtures, deposit accounts, goods, letter-of-credit rights, supporting obligations, investment property, commercial tort claims, property in the Lender’s possession, additions, and proceeds of first 39 incorporated subsidiaries of the Company. From July 1 to August 19, 2025, the Company paid $162,410 on interest of the line of credit. The company is in the process of negotiating of extension. |
| (vi) | On November 27, 2024, the Company’s subsidiary, AOFL LLC (the “borrower”) obtained four thirty-year long-term loans of $525,000, $560,000, $595,000, and $420,000, respectively, from Velocity Commercial Capital, LLC (the “lender”) with an annual interest rate of 11.24%. The lender charged a total of $170,933 loan settlement fees for closing the loan which included attorney fee, escrow fee, origination fee, and so on. The Company amortized the $170,933 over the loan term. To secure payment and performance of the liabilities, AOFL LLC pledged to Velocity Commercial Capital, LLC a continuing lien on and security interest in any and all deposits or other sums at any time credited by or due from lender to the borrower and any cash, securities, instruments or other property of the borrower in the possession of lender. From July 1 to August 19, 2025, the Company paid $46,655 on principal and interest of the loan. |
| (vii) | On February 10, 2025, 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. |
| (viii) | On April 29, 2025, the Company obtained a 30-week short-term loan of $1,575,000 from Agile Capital Funding, LLC, with an annual interest rate of 72.8%, which requires weekly repayments of $74,550. The collateral provided included all properties, rights and assets of FLY E-BIKE, INC. From July 1 to August 19, 2025, the Company paid $521,850 on principal and interest of the loan. |
| (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%. |
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