Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 137

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 137
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.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 and interest incurred related to underpayment of income tax are classified
as income tax expenses in the period incurred. For the three months ended June 30, 2025 and 2024, the Company accrued nil and
$60,076 in income tax related penalty included in current income taxes expenses, respectively.

United States

Income tax benefit for the three months ended June 30, 2025 was $7,398, and income tax
expense for the three months ended June 30, 2024 amounted to $73,076.

Significant components of the provision (benefit) 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