Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 149

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 149
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 4.4  

As
of December 31, 2024 and March 31, 2024, the subscription receivable represents the unpaid capital contribution of $219,998 by the stockholders.   

During the nine months ended December 31, 2023,
Mr. Ou paid certain vendors of the Company to settle certain accounts payable balance on behalf the Company. On June 30, 2023, the
Company transferred $2.26 million, a portion of the accounts payable balance, along with a cash contribution of $0.14 million
from Mr. Zhou Ou as capital contribution (see Note 13). As of June 30, 2023, a total of $2.4 million were transferred and
recorded as capital contribution (see Note 13).

23

10 — INCOME TAX  

(a) Income Tax Expense

Income tax benefit for the three months ended
December 31, 2024 was $0.4 million, and income tax expense for the three months ended December 31, 2023 amounted to $87,718. Income tax
benefit for the nine months ended December 31, 2024 was $0.5 million, and income tax expense for the nine months ended December 31, 2023
amounted to $0.7 million. Significant components of the provision for income taxes are as follows:

    For the Nine Months Ended  December 31, 

    2024  
    2023 
  
    Current 

    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 
  
    Foreign 
     (26,160) 
     (7,656)
  
    Total 
    $(521,654) 
    $731,997 

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

    For the Nine Months Ended  December 31, 

    2024  
    202