Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 156

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 156
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-level earnings. In addition, a sum of fixed dollar minimum taxes is imposed on the taxable group members, in accordance with their gross receipts within the State of New York. The City of New York levies a 6.50% city corporate income tax, along with a sum of fixed dollar minimum taxes, applied to taxable group members based on their gross receipts within the city. Four of the Company’s subsidiaries are located in New Jersey, which imposes a state income tax rate of 9.0%. One of the Company’s subsidiaries is located in Florida, which imposes a state income tax rate of 5.5%. Two subsidiaries of the Company are located in Texas, which imposes a state income tax rate of 0.75% on the appointed state revenue. One of the Company’s subsidiaries is located in California, which imposes a state income tax rate of 8.84%. One of the Company’s subsidiaries is located in District of Columbia, which imposes a state income tax rate of 8.25%. The Company’s wholly owned foreign subsidiary in Canada will file a Canadian federal tax return for tax year ending March 31, 2024, as well as Ontario state tax return. It is subject to the Canadian federal corporate income taxes with a tax rate of 15.0% and Ontario state corporate income taxes with a tax rate of 11.5%. F-24

Income tax on unappropriated earnings is 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,
2024 and 2023 amounted to $ million and $ million, respectively.

|          |     | For the Year Ended 
 March 31,          |      2024 |   |     |   |    2023 |
|:---------|:----|:-------------------|----------:|:--|:----|:--|--------:|
| Current  |     |                    |           |   |     |   |         |
| Federal  |     | $                  |   474,445 |   |     | $ | 210,924 |
| State    |     |                    |   297,885 |   |     |   | 107,325 |
| City     |     |                    |   234,510 |   |     |   |  54,847 |
| Deferred |     |                    |           |   |     |   |         |
|