Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 43

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 and interest incurred related to underpayment of income tax are classified
as income tax expenses in the period incurred. For the three months ended June 30, 2025 and 2024, the Company accrued nil and
$60,076 in income tax related penalty included in current income taxes expenses, respectively.

United States

Income tax benefit for the three months ended June 30, 2025 was $7,398, and income tax
expense for the three months ended June 30, 2024 amounted to $73,076.

Significant components of the provision (benefit) 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)  State   —    (12,000)  City   —    (9,000)  Total  $(7,398)  $73,076  

25

Canada

Fly Toronto Corp, a subsidiary of the Company, was formed under the laws of Canada and
conducts its business primarily in Canada.

Income
tax benefit for the three months ended June 30, 2025 and 2024 amounted to $42,861 and $631, respectively. Significant components
of the income taxes benefit   are
as follows:

    For the Three Months
    Ended  June 30, 

    2025  
    2024 
  
    Current 

    Federal 
    $—  
    $— 
  
    State 
     —  
     — 
  
    City 
     —  
     — 
  
    Deferred 

    Federal 
     (24,261) 
     (357)
  
    State 
     (18,600) 
     (274)
  
    City 
     —  
     — 
  
    Total 
    $(42,861) 
    $(631)

(b) Deferred Tax Assets (Liabilities)

Net DTAs as of June 30, 2025 and