Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 159

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 159
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| Total    |     | $                  | 1,222,940 |     | $ | 821,896 |

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 year ended March 31,
2024 and 2023 amounted to $ and nil, respectively.

|          |     | For the Year Ended 
 March 31,          
 2024               |         |   |     | 2023 |   |
|:---------|:----|:-------------------|--------:|:--|:----|:-----|:--|
| Current  |     |                    |         |   |     |      |   |
| Federal  |     | $                  |       - |   |     | $    | - |
| State    |     |                    |       - |   |     |      | - |
| City     |     |                    |       - |   |     |      | - |
| Deferred |     |                    |         |   |     |      |   |
| Federal  |     |                    | (22,845 | ) |     |      | - |
| State    |     |                    | (17,515 | ) |     |      | - |
| City     |     |                    |     353 |   |     |      | - |
| Total    |     | $                  | (40,007 | ) |     | $    | - |

F-26

(b) Deferred Tax Assets (Liabilities)

Net DTAs as of March 31, 2024 amounted to $,
and as of March 31, 2023, net Deferred Tax Assets (the “DTLs”) amounted to $.

|                                               |     |   |      As of 
  March 31, 
       2024 |   |     |   |      As of 
  March 31, 
       2023 |   |
|:----------------------------------------------|:----|:--|-----------:|:--|:----|:--|-----------:|:--|
| Net operating loss carry forwards             |     | $ |     40,332 |   |     | $ |     93,800 |   |
| Inventory reserve                             |     |   |    186,000 |   |     |   |    155,400 |   |
| Lease liability                               |     |