Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 2454

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 13
Chunk 2454
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 accrued
during the period the earnings arise and adjusted to the extent that distributions are approved by the stockholders in the following year.

Income tax expense for the years ended March 31,
2025 and 2024 amounted to $0.34 million and $1.18 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 
  
    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