Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 136

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 136
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 the issuance of 8,219,634 shares of common stock. 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. As of August 19, 2025,  11,438,218 2025 Warrants were exercised.

Subscription Receivable

As of June 30, 2025 and March 31, 2025, the subscription receivable
represents the unpaid capital contribution of $219,998 by the stockholders.

10 — INCOME TAX  

(a) Income Tax Expense

Income tax benefit for the three months ended June 30, 2025 was $50,259, and income tax
expense for the three months ended June 30, 2024 amounted to $72,445. Significant components of the provision for income taxes are as
follows:

    For the Three
    Months Ended  June 30, 

    2025  
    2024 
  
    Current 

    Federal 
    $(3,108) 
    $53,738 
  
    State 
     4,554  
     46,669 
  
    City 
     (8,844) 
     31,669 
  
    Deferred 

    Federal 
     —  
     (38,000)
  
    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