Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 238

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 2
Chunk 238
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 expenses for the nine months ended December 31, 2024 and 2023:

    For the Nine Months Ended December 31, 

    2024  
    2023  
    Change  
    Percentage  Change 
  
    Selling Expenses 
    $5,597,563  
     4,637,043  
     960,520  
     20.7%
  
    General and Administrative Expenses 
     5,184,432  
     2,773,626  
     2,410,806  
     86.9%
  
    Total Operating Expenses 
    $10,781,995  
     7,410,669  
     3,371,326  
     45.5%
  
    Percentage of Revenue 
     52.9% 
     30.8% 

Total operating expenses were $10.9 million
for the nine months ended December 31, 2024, an increase of $3.4 million, or 45.5%, compared to $7.4 million for the nine months
ended December 31, 2023. The increase in operating expenses was attributable to the increase in our payroll expenses, rent expenses, meals
and entertainment expenses, professional fees, and development expenses as we expanded our business as discussed below.

40

Selling Expenses

Selling expenses primarily consist of payroll
expenses, rent, utilities expenses, and advertising expenses of retail stores. Total payroll expenses were $2.5 million for the nine months
ended December 31, 2024, compared to $1.3 million for the nine months ended December 31, 2023. Rent expenses were $2.2 million for
the nine months ended December 31, 2024, compared to $1.7 million for the nine months ended December 31, 2023. Utilities expenses
were $0.2 million for the nine months ended December 31, 2024, compared to $0.1 million for the nine months ended December 31, 2023. Advertising
expenses were $0.2 million for the nine months ended December 31, 2024, compared to $32,695 for the nine months ended December 31, 2023.
The increase in these expenses was primarily due to the increased number of new employees hired for business operations in the nine months
ended