Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 67

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 67
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 increase of
the unit cost for battery by only 12%, from $141 in the nine months ended December 31, 2023, to $158 in the nine months ended December
31, 2024.

Total Operating Expenses

The following table sets forth the components
of our total operating expenses for the three months ended December 31, 2024 and 2023:

    For the Three Months Ended December 31, 

    2024  
    2023  
    Change  
    Percentage  Change 
  
    Selling Expenses 
    $1,943,633  
     1,935,498  
     8,135  
     0.4%
  
    General and Administrative Expenses 
     1,557,716  
     843,326  
     714,390  
     84.7%
  
    Total Operating Expenses 
    $3,501,349  
     2,778,824  
     722,525  
     26.0%
  
    Percentage of Revenue 
     61.7% 
     37.4% 

Total operating expenses were $3.7 million
for the three months ended December 31, 2024, an increase of $0.7 million, or 26.0%, compared to $2.8 million for the three months
ended December 31, 2023. The increase in operating expenses was attributable to the increase in our payroll expenses, rent expenses, advertising
expenses, professional fees, and insurance expenses as we expanded our business as discussed below.

37

Selling Expenses

Selling
expenses primarily consist of payroll expenses, rent, utilities expenses, and advertising expenses of retail stores. Total payroll expenses
were $0.9 million for the three months ended December 31, 2024, compared to $0.5 million for the three months ended December 31, 2023.
Rent expenses were $0.7 million for the three months ended December 31, 2024, compared to $0.7 million for the three months
ended December 31, 2023. Advertising expenses were $32,681 for the three months ended December 31, 2024, compared to $6,629 for the three
months ended December 31, 2023. The increase in these expenses was primarily due to the increased number of new employees