Company: FLYE
Filing Date: 2025-12-18
Form Type: 10-Q
Source: 0001213900-25-123281
Chunk: 50

Company: Fly-E Group, Inc.
Filing Date: 2025-12-18
Form: 10-Q
Item: Item 1
Chunk 50
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5  
    2024 
  
    Current 

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

    Federal 
     (23,916) 
     (2,628)
  
    State 
     (18,335) 
     (2,015)
  
    City 
     —  
     — 
  
    Total 
    $(42,251) 
    $(4,643)

(b) Deferred Tax Assets (Liabilities)

Net DTAs as of September 30, 2025 and March 31,
2025 amounted to $152,212 and $94,983, respectively. Significant components of DTAs (DTLs), net are as follows:

    As of  September 30, 2025  
    As of  March 31,  2025 
  
    Net operating loss carry forwards 
    $1,203,298  
    $1,506,378 
  
    Inventory reserve 
     161,000  
     410,000 
  
    Operating lease liabilities 
     2,461,000  
     4,837,000 
  
    Amortization difference 
     31,000  
     10,000 
  
    Total deferred tax assets (DTAs) 
     3,856,298  
     6,763,378 
  
    Valuation allowance 
     (1,242,000) 
     (1,714,000)
  
    Deferred tax assets, net of valuation allowance 
    $2,614,298  
    $5,049,378 

    Accumulated depreciation 
     (219,086) 
     (460,395)
  
    Operating lease right-of-use assets 
     (2,243,000) 
     (4,494,000)
  
    Total deferred tax liabilities (DTLs) 
     (2,462,086) 
     (4,954,395)
  
    Deferred tax assets, net 
    $152,212  
    $94,983 

    Deferred tax assets (liabilities) – U.S., net 
    $(875) 
    $— 
  
    Deferred tax assets – Canada, net 
    $153