Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 441

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1B
Chunk 441
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’s subsidiaries are located in New Jersey, which imposes a state income tax rate of 9.0%. Two of the Company’s
subsidiaries is located in Florida, which imposes a state income tax rate of 5.5%. Two subsidiaries of the Company are located in Texas,
which imposes a state income tax rate of 0.75% on the appointed state revenue. One of the Company’s subsidiaries is located in California,
which imposes a state income tax rate of 8.84%. One of the Company’s subsidiaries is located in District of Columbia, which imposes
a state income tax rate of 8.25%. One of the Company’s subsidiaries is located in Massachusetts, which imposes a state income tax
rate of 8.25%. One of the Company’s subsidiaries is located in Maryland, which imposes a state income tax rate of 8.00%.

The Company’s wholly owned foreign subsidiary
in Canada will file a Canadian federal tax return for tax year ending March 31, 2025, as well as Ontario state tax return. It is subject
to the Canadian federal corporate income taxes with a tax rate of 15.0% and Ontario state corporate income taxes with a tax rate of 11.5%.

Income tax on unappropriated earnings is accrued
during the period the earnings arise and adjusted to the extent that distributions are approved by the stockholders in the following year.

Income tax expense for the years ended March 31,
2025 and 2024 amounted to $0.34 million and $1.18 million, respectively. Significant components of the provision for income
taxes are as follows:

    For the years ended 
March 31, 

    2025  
    2024 
  
    Current 

    Federal 
    $94,113  
    $474,445 
  
    State 
     183,598  
     297,885 
  
    City 
     123,284  
     234,510 
  
    Deferred 

    Federal 
     (4,000) 
     158,300 
  
    State 
     1,000  
     36,300 
  
    City 
     (2,000) 
     21,500 
  
    Foreign 
     (59,829) 
     (40,007)
  
    Total 
    $336,166  
    $1,182,933 

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