Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 205

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 205
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ed 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.

Lease expenses were $ million for the nine
months ended December 31, 2024, including $ million in cost of goods-occupancy cost, $ million in rent expense in selling expense,
and $ million rent expense in general and administrative expense. Lease expenses for the nine months ended December 31, 2023 were
$ million, including $ million in goods-occupancy cost, $ million in rent expense in selling expense, and $ million in
rent expense in general and administrative expense. For the nine months ended December 31, 2024, the Company terminated six leases.

F-59

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            
 2025                               |     | Operating Lease 
 Liabilities     |  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 Commit