Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 358

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 6
Chunk 358
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 operations, the Company has no operations or revenue.

We
are currently in the process of developing a business plan. Management intends to explore and identify viable business opportunities
including seeking to acquire a business and soliciting good and profitable investment opportunities. Our ability to effectively identify,
develop and implement a viable plan for our business may be hindered by risks and uncertainties which are beyond our control.

Investments

The
Company applies the cost method of accounting to investments when it does not have significant influence or a controlling interest in
the investee and the fair value of the investment is not readily determinable. Dividends on cost method investments received are recorded
as income.

The
Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment
may not be recoverable. Management reviewed the underlying net assets of the investments during the year ended September 30, 2024 and
determined that the Company’s proportionate economic interest in the investments indicate that the investments were not other than
temporarily impaired.

Recently
issued Accounting Pronouncements

For
the impact of recently issued accounting pronouncements on the Company’s consolidated financial statements, see Note 2 (N) of Notes
to Consolidated Financial Statements included in Part II, Item 8 of this Report, which is incorporated herein by reference, for a discussion
of recent accounting pronouncements.

ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As
a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information
required by this Item.

ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

-18-

FLYWHEEL
ADVANCED TECHNOLOGY, INC.

CONSOLIDATED
FINANCIAL STATEMENTS

AS
OF SEPTEMBER 30, 2024 AND 2023

CONTENTS

    Pages
  
    Report
    of Independent Registered Public Accounting Firm
     
    F-1

    Consolidated
    Balance Sheets as of September 30, 2024 and 2023
     
    F-2

    Consolidated Statements of Operations and Comprehensive Income/(loss) for the Year Ended September 30, 2024 and 2023
     
    F-3

    Consolidated Statements of Changes in Stockholders’ Equity for the Year Ended September 30, 2024 and 2023
     
    F-