Company: FLYE
Filing Date: 2025-12-18
Form Type: 10-Q
Source: 0001213900-25-123281
Chunk: 175

Company: Fly-E Group, Inc.
Filing Date: 2025-12-18
Form: 10-Q
Item: Item 8
Chunk 175
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 penalties) based on the technical merits, and measures the unrecognized benefits
associated with the tax positions. As of September 30, 2025 and March 31, 2025, the Company did not have any significant unrecognized
uncertain tax positions.

11 — LEASES

The Company adopted Topic 842 for all periods
presented. At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. The leases of the Company
mainly consisted of offices, retail stores, and warehouses.

The Company’s operating right-of-use (“ROU”)
assets and lease liabilities were as follows:

    September 30,  2025  
    March 31,  2025 
  
    Operating ROU: 

    ROU assets 
    $6,891,886  
    $10,933,068 
  
    Total operating ROU assets 
    $6,891,886  
    $10,933,068 

    September 30,  2025  
    March 31,  2025 
  
    Operating lease obligations: 

    Current operating lease liabilities 
    $1,819,911  
    $2,617,762 
  
    Non-current operating lease liabilities 
     5,718,256  
     9,106,928 
  
    Total lease liabilities 
    $7,538,167  
    $11,724,690 

The Company had 18 and 36 leases as of September
30, 2025 and March 31, 2025, respectively.

29

The weighted average lease term, discount rates,
and remaining lease terms for the operating leases as of September 30, 2025 were as follows:

Remaining lease term and discount rate:

  Weighted average annual discount rate   7.5%  Weighted average remaining lease term (years)   3.89 years  

The weighted average lease term, discount rates,
and remaining lease terms for the operating leases as of March 31, 2025 were as follows:

Remaining lease term and discount rate:

  Weighted average annual discount rate   7.2%  Weighted average remaining lease term (years)   4.67 years  

The Company leases its offices, warehouse, and
retail stores under non-cancellable operating lease agreements. During the three months ended September 30,