Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 162

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 162
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| Operating lease obligations:            |     |   |            |     |   |            |
| Current operating lease liabilities     |     | $ |  2,852,744 |     | $ |  1,836,737 |
| Non-current operating lease liabilities |     |   | 13,986,879 |     |   |  8,979,193 |
| Total lease liabilities                 |     | $ | 16,839,623 |     | $ | 10,815,930 |

The Company had and leases as of March 31, 2024 and 2023, respectively.

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 weighted average lease term, discount rates,
and remaining lease terms for the operating lease as of March 31, 2023 were as follows:

Remaining lease term and discount rate:

| Weighted average discount rate                |     |          5 | % |
| Weighted average remaining lease term (years) |     | 6.47 years |   |

The Company leases its offices, warehouse, and
retail stores under non-cancellable operating lease agreements. Lease expenses were $ million, including $ million cost of goods-occupancy
cost, $ million rent expense in selling expense, and $ million rent expense in general and administrative expense for the year
ended March 31, 2024. Lease expenses were $ million, including $ million cost of goods-occupancy cost, $ million rent expense
in selling expense, and $ million rent expense in general and administrative expense for the year ended March 31, 2023.

F-28

As of March 31, 2024, future minimum lease liabilities,
all under office and facilities non-cancellable operating lease agreements, were as follows:

| As of March 31, 2024               
 2025                               |     | Operating Lease 
 Liabilities     |  3,818,603 |   |
|:-----------------------------------|:----|:----------------|-----------:|:--|
| 2026                               |     |                 |  3,774,838 |   |