Company: FLYE
Filing Date: 2025-12-18
Form Type: 10-Q
Source: 0001213900-25-123281
Chunk: 53

Company: Fly-E Group, Inc.
Filing Date: 2025-12-18
Form: 10-Q
Item: Item 1
Chunk 53
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 expenses were
$0.8 million, including $0.4 million in cost of revenues and $0. 4 million in selling expense and nil rent expense in
general and administrative expense. During the three months ended September 30, 2024, lease expenses were $1.1 million, including
$0.3 million in cost of revenues, $0.7 million in rent expense included in selling expense, and $0.1 million in rent expense
included in general and administrative expense.

Lease expenses were $1.5 million for the six
months ended September 30, 2025, including $0.8 million in cost of revenues, $0.7 million in rent expense in selling expense, and nil
rent expense in general and administrative expense. Lease expenses for the six months ended September 30, 2024 were $2.24 million, including
$0.65 million in cost of revenues, $1.50 million in rent expense in selling expense, and $0.09 million in rent expense in general and
administrative expense.

For the three months ended
September 30, 2025, the Company terminated 1 lease. For the six months ended September 30, 2025, the Company terminated 10 leases.

As of September 30, 2025, future minimum lease
liabilities, all under office and facilities non-cancellable operating lease agreements, were as follows:

    Twelve months ending September 30, 
    Operating Lease Liabilities 
  
    2026 
    $2,306,214 
  
    2027 
     2,381,493 
  
    2028 
     2,220,838 
  
    2029 
     1,235,817 
  
    2030 
     183,630 
  
    Thereafter 
     444,689 
  
    Total lease payments 
     8,772,681 
  
    Less: interest 
     (1,234,514)
  
    Present value of lease liabilities 
    $7,538,167 

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