Company: FLYE
Filing Date: 2025-12-18
Form Type: 10-Q
Source: 0001213900-25-123281
Chunk: 49

Company: Fly-E Group, Inc.
Filing Date: 2025-12-18
Form: 10-Q
Item: Item 1
Chunk 49
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  (0.4)%   (12.2)  Total   0.4%   6.6% 

Penalties
and interest incurred related to underpayment of income tax are classified as income tax expenses in the period incurred. For the three
months ended September 30, 2025 and 2024, the Company accrued nil and $38,246 income tax related penalty included in current income
taxes expenses, respectively. For the six months ended September 30, 2025 and
2024, the Company accrued $nil and $98,322 income tax related penalty included in current income taxes expenses, respectively.

United States

Income tax expense for the three months ended
September 30, 2025 amounted to $39,402 and income tax expense for the three months ended September 30, 2024 amounted to $0.2 million.
Income tax expense for the six months ended September 30, 2025 amounted to $32,004 and income tax benefit for the six months ended September
30, 2024 amounted to $88,847.

Significant components of the provision (benefit)
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 )  Total   $ 32,004     $ (88,847 )  

27

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 (expense) benefit for the three months
ended September 30, 2025 and 2024 amounted to $(610) and $4,012, respectively. Income tax benefit for the six months ended September 30,
2025 and 2024 amounted to $42,251 and $4,643, respectively. Significant components of the income taxes benefit  
are as follows:

    For the Six Months Ended  September 30, 

    202