Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 150

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 150
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3 
  
    U.S. 
    $(2,412,980) 
    $1,973,031 
  
    Canada 
     (115,517) 
     (33,146)
  
    Total 
    $(2,528,497) 
    $1,939,885 

For
the three months ended December 31, 2024, the total pre-tax loss was $1.1 million, which included $1.0 million pre-tax loss in the
U.S. and $0.1 million pre-tax loss in Canada. For the three months ended December 31, 2023, the total pre-tax income was $0.1
million, which included $0.1 million pre-tax income in the U.S. and $33,146 pre-tax loss in Canada. For the nine months ended
December 31, 2024, the total pre-tax loss was $2.5 million, which included $2.4 million pre-tax loss in the U.S. and $0.1 million
pre-tax loss in Canada. For the nine months ended December 31, 2023, the total pre-tax income was $1.9 million, which included $2.0
million pre-tax income in the U.S. and $$0.1 million pre-tax loss in Canada.

The following table reconciles to the Company’s effective tax
rate:

    For the Nine Months Ended  December 31 

    2024  
    2023 
  
    Pre-tax book (loss) income 
    $(2,528,497) 
    $1,939,885 
  
    Federal Statutory rate 
     21.0% 
     21.0%
  
    State income tax rate, net of federal income tax benefit 
     4.3% 
     8.0%
  
    City income tax rate, net of federal income tax benefit 
     3.7% 
     5.0%
  
    Foreign statutory rate 
     0.4% 
     (0.4)%
  
    Permanent differences 
     (4.0)% 
     5.3%
  
    Return to project adjustment 
     (4.8)% 
     (1.4)%
  
    Total 
     20.6% 
     37.5%

Penalties and interest incurred related to underpayment
of income tax are