Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 174

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 174
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 million for the three months ended December 31, 2023 primarily due to additional employees hired in operation departments.
Insurance expenses increased to $0.3 million for the three months ended December 31, 2024, compared to $35,050 for the same quarter
of prior year as a result of purchase of the directors and officers liability insurance after initial public offering in the three months
ended December 31, 2024. The development fee increased to $0.1 million for the three months ended December 31, 2024 from nil for the
three months ended December 31, 2023. The increase in development fee was primarily 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 $428,164 for the three months ended December 31, 2024, a change from $87,718 income tax provision for the three months
ended December 31, 2023. This change was due to our negative pre-tax income for
the three 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 $684,487 for the three months ended
December 31, 2024, a change of $705,376, or 3376.8%, from net income of $20,889 for the three months ended December 31, 2023, which was
mainly attributable to the reasons discussed above.

38

EBITDA

The following table sets forth the components
of our EBITDA for the three months ended December 31, 2024 and 2023:

    For the Three Months Ended December 31, 

    2024  
    2023  
    Change  
    Percentage  Change 
  
    (Loss) Income from Operations 
    $(684,487) 
    $20,889  
    $(705,376) 
     (3376.8)%
  
    Income Tax (Benefit) Expense 
     (428,164) 
     87,718  
     (515,882) 
     (588.1)%
  
    Depreciation 
     130,000  
     13,229  
     116,771