Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 49

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 49
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 term, discount rates,
and remaining lease terms for the operating leases as of March 31, 2024 were as follows:

Remaining lease term and discount rate:

  Weighted average discount rate   6.4%  Weighted average remaining lease term (years)   5.51 years  

The
Company leases its offices, warehouse, and retail stores under non-cancellable operating lease agreements. During the three months ended
December 31, 2024, lease expenses were $1.02 million, including $0.36 million in cost of goods-occupancy cost, $0.67 million
in rent expense included in selling expense, and nil  in rent expense in general and administrative expense. During the three
months ended December 31, 2023, lease expenses were $0.84 million, including $0.14 million in cost of goods-occupancy cost,
$0.65 million in rent expense in selling expense, and $0.04 million in rent expense in general and administrative expense.

Lease
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