Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 577

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 1C
Chunk 577
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 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 
     —  
     — 
  
    Deferred 

    Federal 
     (33,866) 
     (22,845)
  
    State 
     (25,963) 
     (17,515)
  
    City 
     —  
     353 
  
    Total 
    $(59,829) 
    $(40,007)

(b) Deferred Tax Assets (Liabilities)

Net DTAs as of March 31, 2025 and 2024 amounted
to $94,983 and $35,199, respectively. Significant components of DTAs (DTLs), net are as follows:

    As of  March 31,  2025  
    As of  March 31,  2024 
  
    Net operating loss carry forwards 
    $