Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 41

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 41
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   Outstanding as of March 31, 2025   25,875   $20.0000    4.2   Issued   11,438,222   $1.4565        Exercised   —   $—        Forfeited or expired   —   $—        Outstanding as of June 30, 2025   11,464,097   $1.4984    4.9  

The number of shares and warrants, as well as
the exercise prices stated herein, have been retroactively adjusted to reflect the reverse stock split that occurred in July 2025.

From July 1, 2025 to July 28, 2025, certain holders
of the Company’s 2025 Warrants exercised their rights to acquire common stock. The exercises were completed on a cashless basis
pursuant to the terms of the warrant agreements, resulting in the issuance of 8,219,634 shares of common stock. The exercises did not
generate any cash proceeds to the Company. All share numbers for warrant exercises prior to the reverse stock split have been retroactively
adjusted to reflect the 1-for-5 reverse stock split. As of August 19, 2025,  11,438,218 2025 Warrants were exercised.

Subscription Receivable

As of June 30, 2025 and March 31, 2025, the subscription receivable
represents the unpaid capital contribution of $219,998 by the stockholders.

10 — INCOME TAX  

(a) Income Tax Expense

Income tax benefit for the three months ended June 30, 2025 was $50,259, and income tax
expense for the three months ended June 30, 2024 amounted to $72,445. Significant components of the provision for income taxes are as
follows:

    For the Three
    Months Ended  June 30, 

    2025  
    2024 
  
    Current 

    Federal 
    $(3,108) 
    $53,738 
  
    State 
     4,554  
     46,669 
  
    City 
     (8,844) 
     31,669 
  
    Deferred 

    Federal 
     —  
     (38,000)