Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 2726

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 16
Chunk 2726
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    Foreign statutory rate 
     0.4% 
     — 
  
    Permanent differences 
     (1.2)% 
     5.2%
  
    Valuation allowance of deferred tax assets 
     (34.6)% 
     — 
  
    Return to project adjustment 
     (2.5)% 
     (0.8)%
  
    Total 
     (6.8)% 
     38.3%

Penalties and interest incurred related to underpayment
of income tax are classified as income tax expenses in the period incurred. For the years ended March 31, 2025 and 2024, the Company accrued
$30,301 and $60,487 income tax related penalty included in current income taxes expenses, respectively.

United States

Income tax expense for the year ended March 31,
2025 and 2024 amounted to $0.40 million and $1.22 million, 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 
  
    Total 
    $395,995  
    $1,222,940 

F-26

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 year ended March 31,
2025 and 2024 amounted to $59,829 and 40,007, respectively. Significant components of the provision for income taxes are as follows:

    For the Years Ended  March 31, 

    2025  
    2024 
  
    Current 

    Federal 
    $—  
    $— 
  
    State 
     —  
     — 
  
    City