Company: FLYE
Filing Date: 2025-05-05
Form Type: S-1/A
Source: 0001213900-25-039419
Chunk: 160

Company: Fly-E Group, Inc.
Filing Date: 2025-05-05
Form: S-1/A
Chunk 160
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 |  5,810,000 |   |     |   |  3,702,500 |   |
| Less: Valuation allowance                     |     |   |          - |   |     |   |          - |   |
| Total deferred tax assets (DTAs)              |     | $ |  6,036,332 |   |     | $ |  3,951,700 |   |
| Accumulated depreciation                      |     |   |   (482,133 | ) |     |   |   (230,600 | ) |
| ROU asset                                     |     |   | (5,519,000 | ) |     |   | (3,510,000 | ) |
| Total deferred tax liabilities (DTLs)         |     |   | (6,001,133 | ) |     |   | (3,740,600 | ) |
| Total deferred tax assets, net                |     | $ |     35,199 |   |     | $ |    211,100 |   |
| Deferred tax assets (liabilities) - U.S., net |     | $ |     (5,000 | ) |     | $ |    211,100 |   |
| Deferred tax assets - Canada, net             |     | $ |     40,199 |   |     |   |          - |   |

As of March 31, 2024 and 2023, the Company had
approximately $ million and $ million, respectively, in the DTAs, which respectively included approximately $ million and
$ million related to net operating loss carryforwards that can be used to offset taxable income in future periods, $ million and
$ million related to lease liability, and $ million and $ million related to inventory allowance.

As of March 31, 2024 and 2023, the Company had
approximately $ million and $ million, respectively, which included $ million and $ million, respectively, in the DTLs
that related to accumulated depreciation and $ million and $ million related to ROU asset.

Deferred tax assets and liabilities are recognized
for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets
and liabilities and their respective tax bases, and operating loss and tax credit carryforwards. As of March 31, 2024 and 2023, the Company
recorded approximately $ million and $ million, respectively, in the net