Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 154

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 154
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 lease liabilities were as follows:

    December 31,  2024  
    March 31,  2024 
  
    Operating ROU: 

    ROU assets 
    $14,318,422  
    $16,000,742 
  
    Total operating ROU assets 
    $14,318,422  
    $16,000,742 

    December 31,  2024  
    March 31,  2024 
  
    Operating lease obligations: 

    Current operating lease liabilities 
    $3,151,171  
    $2,852,744 
  
    Non-current operating lease liabilities 
     12,153,196  
     13,986,879 
  
    Total lease liabilities 
    $15,304,367  
    $16,839,623 

The Company
had 34  and 38 leases as of December 31, 2024 and March 31,
2024, respectively.

The weighted average lease term, discount rates,
and remaining lease terms for the operating leases as of December 31, 2024 were as follows:

Remaining lease term and discount rate:

  Weighted average discount rate   6.8%  Weighted average remaining lease term (years)   4.79 years  

The weighted average lease 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.

Le