Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 43

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 Black-Scholes Model variables were as follows at measurement date:

    June 7, 2024 
  
    Stock price 
    $4.00 
  
    Risk-free interest rate 
     4.46%
  
    Volatility 
     56.52%
  
    Exercise price 
    $4.00 
  
    Dividend yield 
    $— 

The following table summarizes the Company’s
activities and status of the Representative’s Warrants:

     Number of Warrant   Weighted Average Exercise Price   Weighted Average Remaining Term (Years)   Outstanding as of March 31, 2024   —    —    —   Issued   129,375   $4.00    4.5   Exercised   —    —    —   Forfeited or expired   —    —    —   Outstanding as of December 31, 2024   129,375   $4.00    4.4  

As
of December 31, 2024 and March 31, 2024, the subscription receivable represents the unpaid capital contribution of $219,998 by the stockholders.   

During the nine months ended December 31, 2023,
Mr. Ou paid certain vendors of the Company to settle certain accounts payable balance on behalf the Company. On June 30, 2023, the
Company transferred $2.26 million, a portion of the accounts payable balance, along with a cash contribution of $0.14 million
from Mr. Zhou Ou as capital contribution (see Note 13). As of June 30, 2023, a total of $2.4 million were transferred and
recorded as capital contribution (see Note 13).

23

10 — INCOME TAX  

(a) Income Tax Expense

Income tax benefit for the three months ended
December 31, 2024 was $0.4 million, and income tax expense for the three months ended December 31, 2023 amounted to $87,718. Income tax
benefit for the nine months ended December 31, 2024 was $0.5 million, and income tax expense for the nine months ended December 31, 2023
amounted to $0.7 million. Significant components