Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 42

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 42
---
  
    State 
     —  
     (12,000)
  
    City 
     —  
     (9,000)
  
    Foreign 
     (42,861) 
     (631)
  
    Total 
    $(50,259) 
    $72,445 

24

The provision (benefit) for income
taxes   is based on the
following pretax loss:

    For the Three
    Months Ended  June 30, 

    2025  
    2024 
  
    U.S. 
    $(1,894,156) 
    $(99,838)
  
    Canada 
     (164,751) 
     (7,225)
  
    Total 
    $(2,058,907) 
    $(107,063)

For the three months ended June 30, 2025, the
total pre-tax loss was approximately $2.1 million, which included approximately $1.9 million pre-tax loss in the U.S. and approximately
$0.2 million pre-tax loss in Canada. For the three months ended June 30, 2024, the total pre-tax loss was $107,063, which included $99,838
pre-tax loss in U.S. and $7,225 million pre-tax loss in Canada.

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

     For the Three Months Ended  June 30,      2025   2024   Pre-tax book loss  $(2,058,907)  $(107,063)  Federal Statutory rate   21.0%   21.0%  State income tax rate, net of federal income tax benefit   6.8%   (11.4)%  City income tax rate, net of federal income tax benefit   6.1%   (0.5)%  Foreign statutory rate   0.1%   (0.1)%  Permanent differences   1.9%   (76.8)%  Valuation allowance of deferred tax assets   (33.4)%   0.1%  Return to project adjustment   (0.1)%   —   Total   2.4%   (67.7)% 

Penalties