Company: FLYE
Filing Date: 2025-07-15
Form Type: 10-K
Source: 0001213900-25-064293
Chunk: 1108

Company: Fly-E Group, Inc.
Filing Date: 2025-07-15
Form: 10-K
Item: Item 5
Chunk 1108
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During the year ended March 31, 2024, Mr. Ou
paid certain vendors of the Company to settle certain accounts payable balance on behalf the Company. On June 30, 2023, the Company transferred
$2.26 million, a portion of the accounts payable balance, along with a cash contribution of $0.14 million from Mr. Zhou
Ou as capital contribution (see Note 13). On June 30, 2023, a total of $2.4 million were transferred and recorded as capital
contribution (see Note 13).

10 — INCOME TAX  

(a) Income Tax Expense

The company conduct business both domestically
and internationally and, as a result, the parent company and most of its subsidiaries file a consolidated income tax return in U.S. federal,
U.S. states and U.S. Cities, and one of the subsidiaries files a foreign income tax return in certain foreign jurisdictions.

The Company will file a consolidated annual U.S.
federal tax return for tax year ending March 31, 2025, as well as combined tax returns for New Jersey, New York State, Florida, Texas,
California, District of Columbia, Massachusetts, Maryland, and New York City. Most subsidiaries of the Company were incorporated in the
State of New York and are subject to the U.S. federal corporate income taxes with a tax rate of 21.0%. The State of New York levies a
corporate income tax rate of 8.45% on state-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. Five of the Company’s subsidiaries are located in New Jersey, which imposes a state income tax rate of 9.0%. Two 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