Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 204

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 204
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 Positions

The Company evaluates each uncertain tax position
(including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits
associated with the tax positions. As of December 31, 2024 and March 31, 2024, the Company did not have any significant unrecognized uncertain
tax positions.

F-58

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:

|                            |     |   | December 31, 
         2024 |     |   |  March 31, 
       2024 |
|:---------------------------|:----|:--|-------------:|:----|:--|-----------:|
| Operating ROU:             |     |   |              |     |   |            |
| ROU assets                 |     | $ |   14,318,422 |     | $ | 16,000,742 |
| Total operating ROU assets |     | $ |   14,318,422 |     | $ | 16,000,742 |

|                                         |     |   | December 31, 
         2024 |     |   |  March 31, 
       2024 |
|:----------------------------------------|:----|:--|-------------:|:----|:--|-----------:|
| Operating lease obligations:            |     |   |              |     |   |            |
| Current operating lease liabilities     |     | $ |    3,151,171 |     | $ |  2,852,744 |
| Non-current operating lease liabilities |     |   |   12,153,196 |     |   | 13,986,879 |
| Total lease liabilities                 |     | $ |   15,304,367 |     | $ | 16,839,623 |

The Company had and leases as of December 31, 2024 and March
31, 2024, respectively.

The weighted average lease term, discount rates,
and remaining lease terms for the operating leases as of December 31, 2024 were as follows:

Remaining lease term and discount rate:

| Weight