Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 2550

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 14
Chunk 2550
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. During the year ended March 31, 2025, lease expenses were $4.3 million,
including $1.4 million in cost of goods-occupancy cost, $2.9 million in rent expense included in selling expense, and $62,527
in rent expense in general and administrative expense. During the year ended March 31, 2024, lease expenses were $3.3 million, including
$0.7 million in cost of goods-occupancy cost, $2.4 million in rent expense in selling expense, and $0.2 million in rent
expense in general and administrative expense.

F-28

For the year ended March 31, 2025, the Company
terminated 12 leases.

As of March 31, 2025, future minimum lease liabilities,
all under office and facilities non-cancellable operating lease agreements, were as follows:

    As of March 31 
    Operating Lease Liabilities 
  
    2025 
    $3,355,040 
  
    2026 
     3,293,360 
  
    2027 
     2,914,613 
  
    2028 
     2,421,343 
  
    2029 
     700,849 
  
    Thereafter 
     1,126,233 
  
    Total lease payments 
     13,811,438 
  
    Less: interest 
     (2,086,748)
  
    Present value of lease liabilities 
    $11,724,690 

12 — COMMITMENTS AND CONTINGENCIES

Commitments

The Company has not entered any off-balance sheet
financial guarantees or other off-balance sheet commitments to guarantee the payment obligations of any third parties. The Company has
not entered any derivative contracts that are indexed to its shares and classified as shareholder’s equity or that are not reflected
in its consolidated financial statements. Furthermore, the Company does not have any retained or contingent interest in assets transferred
to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. The Company does not have any variable
interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to itself or engages in leasing,
hedging or product development services with itself.

Contingencies

Legal

From time to time, the Company is a party to certain
legal proceedings, as