Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 155

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 155
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ase
expenses were $3.26 million for the nine months ended December 31, 2024, including $1.00 million in cost of goods-occupancy
cost, $2.16 million in rent expense in selling expense, and $0.09 million rent expense in general and administrative expense.
Lease expenses for the nine months ended December 31, 2023 were $2.33 million, including $0.39 million in goods-occupancy cost,
$1.73 million in rent expense in selling expense, and $0.21 million in rent expense in general and administrative expense.  
For the nine months ended December 31, 2024, the Company terminated six leases. 

27

As of December 31, 2024, future minimum lease
liabilities, all under office and facilities non-cancellable operating lease agreements, were as follows:

    As of December 31, 2024 
    Operating Lease Liabilities 
  
    2025 
    $4,065,892 
  
    2026 
     3,957,134 
  
    2027 
     3,629,042 
  
    2028 
     3,001,292 
  
    2029 
     1,500,384 
  
    Thereafter 
     1,821,813 
  
    Total lease payments 
     17,975,557 
  
    Less: interest 
     (2,671,190)
  
    Present value of lease liabilities 
    $15,304,367 

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 unaudited condensed 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