Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 339

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 5
Chunk 339
---
 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 
     244,259  
     344,461 
  
    Interest (expenses) income,
    net 
     (15,456) 
     (10,752)
  
    Income from discontinued operations before
    taxes 
     (549,199) 
     238,631 
  
    Income taxes 
     151,185  
     (2,357)
  
    Income from discontinued
    operations, net of tax 
    $(398,014) 
    $ 236,274 

    F-13

FLYWHEEL ADVANCED TECHNOLOGY, INC.

NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS

Summarized
cash flow information for the three reportable segments discontinued operations are as follows:

SCHEDULE
OF CASH FLOW INFORMATION 

    Year
    Ended September 30, 

    2024