Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 161

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 161
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 DTAs. The tax losses in Canada can be carried forward
for to offset future taxable profit. The tax losses of entities in Canada will begin to expire in 2044, if not utilized.
As of March 31, 2024, management considered it more likely than not that the Company will have sufficient taxable income in the future
that will allow the Company to realize these net DTAs.

For the year ended March 31, 2024 and 2023, the
Company’s pre-tax book income in the U.S. was approximately $ million and $ million, respectively, and all of previous net
tax loss carry forward was used to reduce taxable income in the current period. In addition, for the years ended March 31, 2024 and 2023,
the Company’s pre-tax book loss in Canada was approximately $ million and nil, respectively.

Uncertain Tax Positions

The Company evaluates each uncertain tax position
(including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits
associated with the tax positions. As of March 31, 2024 and 2023, the Company did not have any significant unrecognized uncertain tax
positions.

F-27

11 - LEASES

Effective on April 1, 2019, the Company adopted
Topic 842. At the inception of a contract, the Company determines if the arrangement is, or contains, a lease. The leases of the Company
mainly consisted of offices, retail stores and warehouses.

The Company’s operating right-of-use (“ROU”) assets
and lease liabilities were as follows:

|                            |     |   |  March 31, 
       2024 |     |   |  March 31, 
       2023 |
|:---------------------------|:----|:--|-----------:|:----|:--|-----------:|
| Operating ROU:             |     |   |            |     |   |            |
| ROU assets                 |     | $ | 16,000,742 |     | $ | 10,261,556 |
| Total operating ROU assets |     | $ | 16,000,742 |     | $ | 10,261,556 |

|                                         |     |   |  March 31, 
       2024 |     |   |  March 31, 
       2023 |
|:----------------------------------------|:----|:--|-----------:|: