Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 1938

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 9B
Chunk 1938
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 respectively. Significant components of the provision for income
taxes are as follows:

    For the years ended 
March 31, 

    2025  
    2024 
  
    Current 

    Federal 
    $94,113  
    $474,445 
  
    State 
     183,598  
     297,885 
  
    City 
     123,284  
     234,510 
  
    Deferred 

    Federal 
     (4,000) 
     158,300 
  
    State 
     1,000  
     36,300 
  
    City 
     (2,000) 
     21,500 
  
    Foreign 
     (59,829) 
     (40,007)
  
    Total 
    $336,166  
    $1,182,933 

F-25

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

    For the years ended  March 31, 

    2025  
    2024 
  
    U.S. 
    $(4,690,634) 
    $3,275,797 
  
    Canada 
     (264,359) 
     (197,642)
  
    Total 
    $(4,954,993) 
    $3,078,155 

For the years ended March 31, 2025, the total
pre-tax loss was $4.9 million, which included $4.7 million pre-tax loss in the U.S. and $0.2 million pre-tax loss in Canada. For the year
ended March 31, 2024, the total pre-tax income was $3.1 million, which included $3.3 million pre-tax income in U.S. and $0.2 million pre-tax
loss in Canada.

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

    For the years ended 
March 31, 

    2025  
    2024 
  
    Pre-tax book (loss) income 
    $(4,954,993) 
    $3,078,155 
  
    Federal Statutory rate 
     21.0% 
     21.0%
  
    State income tax rate, net of federal income tax benefit 
     4.6%