Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 151

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 151
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 classified as income tax expenses in the period incurred. For the three months ended December 31, 2024 and 2023, the
Company accrued nil and nil income tax related penalty included in taxes payable in the unaudited condensed consolidated balance sheets,
respectively. For the nine months ended December 31, 2024 and 2023, the Company accrued $63,812 and $55,604 income tax related penalty
included in taxes payable in the unaudited condensed consolidated balance sheets, respectively.

24

United States

Income tax benefit for the three months ended
December 31, 2024 amounted to $0.4 million and income tax expense for the three months ended December 31, 2023 amounted to $95,374. Income
tax benefit for the nine months ended December 31, 2024 amounted to $0.5 million and income tax expense for the nine months ended December
31, 2023 amounted to $0.7 million.

Significant components of the provision for income
taxes are as follows:

    For the Nine Months Ended  December 31, 

    2024  
    2023 
  
    Current 

    Federal 
    $101,808  
    $183,590 
  
    State 
     120,932  
     182,860 
  
    City 
     119,766  
     139,903 
  
    Deferred 

    Federal 
     (508,000) 
     166,500 
  
    State 
     (202,000) 
     42,300 
  
    City 
     (128,000) 
     24,500 
  
    Total 
    $(495,494) 
    $739,653 

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
December 31, 2024 and 2023 amounted to $21,516 and $7,656, respectively. Income tax benefit for the nine months ended December
31, 2024 and 2023 amounted to $26,160 and $7,656, respectively. Significant components of the provision for income taxes are as follows:

    For the Nine Months Ended  December 31 

    2024  
    2023