Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 418

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 7
Chunk 418
---
 carrying amounts were as follows:

 SCHEDULE
OF DISCLOSURE OF LONG LIVED ASSETS HELD FOR SALE

    2023 
  
    Cash and cash equivalents 
    $621,001 
  
    Accounts receivable, net of allowances 
     1,431,201 
  
    Due from related parties 
     116,419 
  
    Prepaid expenses and other current assets 
     389,075 
  
    Deferred tax assets 
     22,481 
  
    Total
    current assets held for sale 
     2,580,177 

    Property and equipment, net 
     6,783 
  
    Goodwill 
     1,840,202 
  
    Acquisition-related intangibles 
     159,481 
  
    Right-of-use assets 
     33,481 
  
    Total
    assets held for sale 
    $4,620,124 

    F-12

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS

    2023 
  
    Bank loans - current portion 
    $104,608 
  
    Accounts payable 
     78,064 
  
    Accrued expenses and other current liabilities 
     115,195 
  
    Due to related parties 
     365,061 
  
    Operating lease liabilities 
     37,789 
  
    Income tax payable 
     46,699 
  
    Total
    current liabilities for sale 
     747,416 

    Bank loans 
     483,950 
  
    Operating lease liabilities 
     - 
  
    Deferred tax liabilities
    – arise from fair value gain 
     26,315 
  
    Total
    liabilities for sale 
    $1,257,681 

Summarized
results of discontinued operations for the three reportable segments are as follows:

SCHEDULE
OF DISCONTINUED OPERATIONS 

    For
    the Year Ended September 30, 

    2024  
    2023 
  
    Revenue, net 
    $2,979,793$ 
     1,448,176 
  
    Cost of revenue 
     (1,526,853) 
     (961,818)
  
    Operating expenses 
     (2,230,942) 
     (581,436)
  
    Other income 
     244