Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 202

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 202
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5 | %  |

Penalties and interest incurred related to underpayment
of income tax are classified as income tax expenses in the period incurred. For the nine months ended December 31, 2024 and 2023, the
Company accrued $ and $ income tax related penalty included in taxes payable in the unaudited condensed consolidated balance
sheets, respectively.

F-56

United States

Income tax benefit for the nine months ended December
31, 2024 amounted to $ million and income tax expense for the nine months ended December 31, 2023 amounted to $ million.

Significant components of the provision for income
taxes are as follows:

| Current  |     | For the Nine Months Ended 
 December 31,              
 2024                      |          |   |     | 2023 |         |
|:---------|:----|:--------------------------|---------:|:--|:----|:-----|--------:|
| Federal  |     | $                         |  101,808 |   |     | $    | 183,590 |
| State    |     |                           |  120,932 |   |     |      | 182,860 |
| City     |     |                           |  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 nine months ended December
31, 2024 and 2023 amounted to $ and $, respectively.

| Current  |     | For the Nine Months Ended 
 December 31               
 2024                      |         |   |     | 2023 |        |   |
|:---------|:----|:--------------------------|:--------|:--|:----|:-----|:-------|:--|
| Federal  |