Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 46

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 119,766  
     139,903 
  
    Deferred 

    Federal 
     (508,000) 
     166,500 
  
    State 
     (202,000) 
     42,300 
  
    City 
     (128,000) 
     24,500 
  
    Total 
    $(495,494) 
    $739,653 

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 benefit for the three months ended
December 31, 2024 and 2023 amounted to $21,516 and $7,656, respectively. Income tax benefit for the nine months ended December
31, 2024 and 2023 amounted to $26,160 and $7,656, respectively. Significant components of the provision for income taxes are as follows:

    For the Nine Months Ended  December 31 

    2024  
    2023 
  
    Current 

    Federal 
    $—  
    $— 
  
    State 
     —  
     — 
  
    City 
     —  
     — 
  
    Deferred 

    Federal 
     (14,807) 
     (4,334)
  
    State 
     (11,353) 
     (3,322)
  
    City 
     —  
     — 
  
    Total 
    $(26,160) 
    $(7,656)

25

(b) Deferred Tax Assets (Liabilities)

Net DTAs as of December 31, 2024 and March
31, 2024 amounted to $497,939 and $35,199, respectively. Significant components of DTAs (DTLs), net are as follows:

    As of  December 31,  2024  
    As of  March 31,  2024 
  
    Net operating loss carry forwards 
    $716,087  
    $40,332 
  
    Inventory reserve 
     330,000  
     186,000 
  
    Lease liability 
     5,216,000  
     5,810,000 
  
    Less: Valuation allowance 
     —  
     — 
  
    Total deferred tax assets