Company: FLYE
Filing Date: 2025-02-19
Form Type: 10-Q
Source: 0001213900-25-015334
Chunk: 152

Company: Fly-E Group, Inc.
Filing Date: 2025-02-19
Form: 10-Q
Item: Part I, Item 8
Chunk 152
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    Current 

    Federal 
    $—  
    $— 
  
    State 
     —  
     — 
  
    City 
     —  
     — 
  
    Deferred 

    Federal 
     (14,807) 
     (4,334)
  
    State 
     (11,353) 
     (3,322)
  
    City 
     —  
     — 
  
    Total 
    $(26,160) 
    $(7,656)

25

(b) Deferred Tax Assets (Liabilities)

Net DTAs as of December 31, 2024 and March
31, 2024 amounted to $497,939 and $35,199, respectively. Significant components of DTAs (DTLs), net are as follows:

    As of  December 31,  2024  
    As of  March 31,  2024 
  
    Net operating loss carry forwards 
    $716,087  
    $40,332 
  
    Inventory reserve 
     330,000  
     186,000 
  
    Lease liability 
     5,216,000  
     5,810,000 
  
    Less: Valuation allowance 
     —  
     — 
  
    Total deferred tax assets (DTAs) 
    $6,262,087  
    $6,036,332 
  
    Accumulated depreciation 
     (493,881) 
     (482,133)
  
    ROU asset 
     (4,873,000) 
     (5,519,000)
  
    Total deferred tax liabilities (DTLs) 
     (5,366,881) 
     (6,001,133)
  
    Total deferred tax assets, net 
    $895,206  
    $35,199 

    Deferred tax assets (liabilities) – U.S., net 
    $833,000  
    $(5,000)
  
    Deferred tax assets – Canada, net 
    $62,206  
     40,199 

As of December 31, 2024 and March 31, 2024,
the Company had approximately $6.3 million and $6.0 million, respectively, in the DTAs, which respectively included approximately
$0.