Fly-E Group Inc

Our corporate and executive offices are located in a leased facility in 136-40 39 th Avenue, Flushing, NY 11354, where we lease approximately 2,500 square feet of under a lease that is due to expire on October 31, 2024 at a current annual rent of approximately $0.3 million. In addition, we lease a warehouse in Maspeth, New York, where we assemble all of our vehicles. The warehouse, which is approximately 52,264 square feet, is under one lease that is due to expire on April 30, 2029, at a current annual rent of approximately $1.2 million.

We believe our facilities are sufficient to meet our needs in the near term, as we expand our operations, we may require additional space in which to assemble our vehicles and we do not have any commitments for such space. All of our retail stores are leased. For the year ended March 31, 2024 and 2023, we paid an aggregate of $2.4 million and $1.7 million, respectively, for the spaces used for retail stores.

AOFL LLC, a wholly owned subsidiary of the Company, entered into a purchase agreement to purchase a property to be used as an office, located at 136-40 39 th Avenue, Flushing, New York, for a total purchase price of approximately $3.6 million. The closing is expected to occur in the third quarter of 2024.