Nice airplane! However I don't see an N number and
it appears to be well over the limit to be an ultralight ...
Part 103 is actually pretty generous:
§ 103.1 Applicability.
This part prescribes rules governing the operation of ultralight vehicles in the
United States. For the purposes of this part, an ultralight vehicle is a vehicle that:
(a) Is used or intended to be used for manned operation in the air by a single occupant;
(b) Is used or intended to be used for recreation or sport purposes only;
(c) Does not have any U.S. or foreign airworthiness certificate; and
(d) If unpowered, weighs less than 155 pounds; or
(e) If powered:
(1) Weighs less than 254 pounds empty weight, excluding floats and safety devices which are intended for deployment in a potentially catastrophic situation;
(2) Has a fuel capacity not exceeding 5 U.S. gallons;
(3) Is not capable of more than 55 knots
calibrated airspeed at full power in level flight; and
(4) Has a power-off stall speed which does not exceed 24 knots
calibrated airspeed.