Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 65

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 65
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 same period in prior year due to the increasing development fee of Fly E-Bike app and the increasing maintenance fee of Go Fly App. Income Tax Provisions Income taxes benefits were $0.5 million for the nine months ended December 31, 2024, a change from $0.7 million income tax provision for the nine months ended December 31, 2023. This change was due to our negative pre-tax income for the nine months ended December 31, 2024. We recognized a deferred tax asset which can be used to reduce taxes in future periods when the Company is profitable. Net Income (Loss) Net loss was $2.0 million for the nine months ended December 31, 2024, a change of $3.2 million, or 266.1%, from net income of $1.2 million for the nine months ended December 31, 2023, which was mainly attributable to the reasons discussed above. EBITDA The following table sets forth the components of our EBITDA for the nine months ended December 31, 2024 and 2023:

|                                |     | For the Nine Months Ended December 31, |       2024 |    |     |   |      2023 |   |     |   |     Change |   |     |     | Percentage 
     Change |    |
|:-------------------------------|:----|:---------------------------------------|-----------:|:---|:----|:--|----------:|:--|:----|:--|-----------:|:--|:----|:----|-----------:|:---|
| (Loss) Income from Operations  |     | $                                      | (2,006,843 | )  |     | $ | 1,207,888 |   |     | $ | (3,214,731 | ) |     |     |     (266.1 | )% |
| Income Tax (benefit) provision |     |                                        |   (521,654 | )  |     |   |   731,997 |   |     |   | (1,253,651 | ) |     |     |     (171.3 | )% |
| Depreciation                   |     |                                        |    310,910 |    |     |   |   203,788 |   |     |   |    107,122 |   |     |     |       52.6 | %  |