Company: FLYE
Filing Date: 2025-12-18
Form Type: 10-Q
Source: 0001213900-25-123281
Chunk: 47

Company: Fly-E Group, Inc.
Filing Date: 2025-12-18
Form: 10-Q
Item: Item 1
Chunk 47
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 Warrants exercised their rights to acquire common stock. The exercises were completed on a cashless
basis pursuant to the terms of the warrant agreements. 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 and
the 1-for-20 reverse stock split. During the three and six months ended September 30, 2025, 571,912 of the 2025 Warrants were exercised
on a cashless basis pursuant to the terms of the warrant agreements, resulting in the issuance of 410,982 shares of common stock.

Subscription Receivable

As of September 30, 2025 and March 31, 2025, the
subscription receivable represents the unpaid capital contribution of $7,596,558 from third-party individual investors and $219,998 by
the stockholders, respectively. The remaining net proceeds of $7,596,558 were all received in October and November 2025.

10 — INCOME TAX  

(a) Income Tax Expense

Income tax expense for the three months ended
September 30, 2025 was $40,012, and income tax benefit for the three months ended September 30, 2024 amounted to $165,935. Income tax
benefit for the six months ended September 30, 2025 was $10,247, and income tax benefit for the six months ended September 30, 2024 amounted
to $93,490. Significant components of the provision for income taxes are as follows:

    For the Six Months Ended  September 30, 

    2025  
    2024 
  
    Current 

    Federal 
    $(3,108) 
    $151,731 
  
    State 
     42,722  
     102,626 
  
    City 
     (7,610) 
     114,796 
  
    Deferred 

    Federal 
     -  
     (273,000)
  
    State 
     -  
     (114,000)
  
    City 
     -  
     (71,000)
  
    Foreign 
     (42,251) 
     (4,643)
  
    Total 
    $(10,247) 
    $(93,490)

The provision (benefit)