Company: FLYE
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078571
Chunk: 138

Company: Fly-E Group, Inc.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 8
Chunk 138
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           Federal   —    (38,000)  State   —    (12,000)  City   —    (9,000)  Total  $(7,398)  $73,076  

25

Canada

Fly Toronto Corp, a subsidiary of the Company, was formed under the laws of Canada and
conducts its business primarily in Canada.

Income
tax benefit for the three months ended June 30, 2025 and 2024 amounted to $42,861 and $631, respectively. Significant components
of the income taxes benefit   are
as follows:

    For the Three Months
    Ended  June 30, 

    2025  
    2024 
  
    Current 

    Federal 
    $—  
    $— 
  
    State 
     —  
     — 
  
    City 
     —  
     — 
  
    Deferred 

    Federal 
     (24,261) 
     (357)
  
    State 
     (18,600) 
     (274)
  
    City 
     —  
     — 
  
    Total 
    $(42,861) 
    $(631)

(b) Deferred Tax Assets (Liabilities)

Net DTAs as of June 30, 2025 and March 31, 2025 amounted to $153,087 and $94,983 , respectively.
Significant components of DTAs (DTLs), net are as follows:

    As of  June 30, 2025  
    As of  March 31,  2025 
  
    Net operating loss carry forwards 
    $738,792  
    $1,506,378 
  
    Inventory reserve 
     431,000  
     410,000 
  
    Operating lease liabilities 
     3,349,000  
     4,837,000 
  
    Amortization difference 
     21,000  
     10,000 
  
    Total deferred tax assets (DTAs) 
     4,539,792  
     6,763,378 
  
    Valuation allowance 
     (974,000) 
     (1,714,000)
  
    Deferred tax assets, net of valuation allowance