Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 45

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 45
---
 effective tax
rate:

    For the Nine Months Ended  December 31 

    2024  
    2023 
  
    Pre-tax book (loss) income 
    $(2,528,497) 
    $1,939,885 
  
    Federal Statutory rate 
     21.0% 
     21.0%
  
    State income tax rate, net of federal income tax benefit 
     4.3% 
     8.0%
  
    City income tax rate, net of federal income tax benefit 
     3.7% 
     5.0%
  
    Foreign statutory rate 
     0.4% 
     (0.4)%
  
    Permanent differences 
     (4.0)% 
     5.3%
  
    Return to project adjustment 
     (4.8)% 
     (1.4)%
  
    Total 
     20.6% 
     37.5%

Penalties and interest incurred related to underpayment
of income tax are classified as income tax expenses in the period incurred. For the three months ended December 31, 2024 and 2023, the
Company accrued nil and nil income tax related penalty included in taxes payable in the unaudited condensed consolidated balance sheets,
respectively. For the nine months ended December 31, 2024 and 2023, the Company accrued $63,812 and $55,604 income tax related penalty
included in taxes payable in the unaudited condensed consolidated balance sheets, respectively.

24

United States

Income tax benefit for the three months ended
December 31, 2024 amounted to $0.4 million and income tax expense for the three months ended December 31, 2023 amounted to $95,374. Income
tax benefit for the nine months ended December 31, 2024 amounted to $0.5 million and income tax expense for the nine months ended December
31, 2023 amounted to $0.7 million.

Significant components of the provision for income
taxes are as follows:

    For the Nine Months Ended  December 31, 

    2024  
    2023 
  
    Current 

    Federal 
    $101,808  
    $183,590 
  
    State 
     120,932  
     182,860 
  
    City