Company: FLYE
Filing Date: 2025-12-18
Form Type: 10-Q
Source: 0001213900-25-123281
Chunk: 176

Company: Fly-E Group, Inc.
Filing Date: 2025-12-18
Form: 10-Q
Item: Item 8
Chunk 176
---
2025, lease 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