Loan Payables (Tables)

9 Months Ended

Dec. 31, 2025

A summary of the Company’s loans is listed as follows:

		December 31,			March 31,
Lender	Due Date	2025			2025
Chase Bank⁽ⁱ⁾	January 12, 2028	$	—		$	301
Leaf Capital Funding, LLC⁽ⁱⁱ⁾	December 31, 2027		24,863			34,620
Automobile Loan – Honda⁽ⁱⁱⁱ⁾	June 25, 2027		—			20,353
Milea Truck Sales of Queens Inc. ^(iv)	August 22, 2027		75,830			106,093
Milea Truck Sales of Queens Inc. ^(iv)	July 26, 2027		53,455			76,779
Peapack-Gladstone Bank^(v)	March 31, 2026		3,936,058			4,936,058
Velocity Commercial Capital, LLC ^(vi)	December 1, 2054		1,922,816			1,927,729
AOWINV LLC ^(vii)	June 10, 2025		—			255,000
Agile Lending, LLC^(viii)	November 27, 2025		—			—
Stripe, Inc. ^(ix)	April 20, 2026		40,356			—
Stripe, Inc. ^(ix)	December 22, 2026		—			—
Total loan payables			6,053,378			7,356,933
Short-term loan payables			(3,936,058	)		(5,191,058	)
Current portion of long-term loan payables			(138,550	)		(100,835	)
Long-term loan payables		$	1,978,770		$	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 December 31, 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 December 31, 2025, the outstanding balance is $24,863. From January 1 to April 20, 2026, the Company paid $5,047 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 December 31, 2025, the outstanding balance is nil.

(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 December 31, 2025, the outstanding balance is $75,830. From January 1 to April 20, 2026, the Company paid $8,256 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 December 31, 2025, the outstanding balance is $53,455. From January 1 to April 20, 2026, 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. The Company became default of repayment since August 31, 2025. The Company entered into forbearance and modification agreement with the bank on November 7, 2025 for extension of repayment deadline with interest rate of 12.875% to March 31, 2026. Subsequent to the execution of the forbearance agreement, the Company has received written notices from Peapack Private Bank asserting defaults and reserving the lender’s rights to pursue remedies under the applicable loan documents. For the nine months ended December 31, 2025, the Company paid $582,307 on interest of the line of credit without further penalty. During three months ended December 31, 2025, the Company paid $1,000,000, $172,693 and $117,921 on principal, interest and forbearance fee of the loan, respectively.

(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 January 1 to April 20, 2026, the Company paid $40,762 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. During three months ended December 31, 2025, the Company paid off this loan in full.

(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%. As of December 31, 2025, the outstanding balance is $40,356.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Fly-E Group, Inc. 10-Q