Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 73

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 73
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-motorcycles by $3.2 million, from $7.2 million in the nine months ended
December 31, 2023 to $4.0 million in the nine months ended December 31, 2024, and the decrease of the cost for E-motorcycles by $2.3
million, from $5.0 million in the nine months ended December 31, 2023, to $2.8 million in the nine months ended December 31,
2024.

Total Operating Expenses

The following table sets forth the components
of our total operating expenses for the nine months ended December 31, 2024 and 2023:

    For the Nine Months Ended December 31, 

    2024  
    2023  
    Change  
    Percentage  Change 
  
    Selling Expenses 
    $5,597,563  
     4,637,043  
     960,520  
     20.7%
  
    General and Administrative Expenses 
     5,184,432  
     2,773,626  
     2,410,806  
     86.9%
  
    Total Operating Expenses 
    $10,781,995  
     7,410,669  
     3,371,326  
     45.5%
  
    Percentage of Revenue 
     52.9% 
     30.8% 

Total operating expenses were $10.9 million
for the nine months ended December 31, 2024, an increase of $3.4 million, or 45.5%, compared to $7.4 million for the nine months
ended December 31, 2023. The increase in operating expenses was attributable to the increase in our payroll expenses, rent expenses, meals
and entertainment expenses, professional fees, and development expenses as we expanded our business as discussed below.

40

Selling Expenses

Selling expenses primarily consist of payroll
expenses, rent, utilities expenses, and advertising expenses of retail stores. Total payroll expenses were $2.5 million for the nine months
ended December 31, 2024, compared to $1.3 million for the nine months ended December 31, 2023. Rent expenses were $2.2 million for
the nine months ended December 31, 2024, compared to $1.7 million for