Company: FWFW
Filing Date: 2025-02-13
Form Type: 10-Q
Source: 0001493152-25-006388
Chunk: 10

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-02-13
Form: 10-Q
Item: Part I, Item 1
Chunk 10
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 assets and liabilities at the date of the
unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.
The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known
or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of
the date of these unaudited condensed consolidated financial statements. The results of these assumptions provide the basis for making
estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could
differ from these estimates.

 (F) 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 three months ended December 31, 2024
and determined that the Company’ s proportionate economic interest in the investments indicate that the investments were not other
than temporarily impaired. The carrying value of our cost method investments is reported as “investments” on the consolidated
balance sheets. Note 4 contains additional information on our cost method investments.

 (G) Earning per share

Basic
earnings(loss) per share are computed by dividing income available to stockholders by the weighted average number of shares outstanding
during the period. Diluted income per share is computed like basic income per share except that the denominator is increased to include
the number of additional shares that would have been outstanding if the potential shares had been issued and if the additional shares
were diluted. There were no potentially dilutive securities for 2024 and 2023.

    12

 (H) Commitments and contingencies

Liabilities
for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable
that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. Legal costs incurred
in connection with such liabilities are expensed as incurred.

 (I) Recently Issued Accounting Standards

There
are no recent accounting pronouncements that impact the Company’s operations.

NOTE
3 – DISCONTINUED OPERATIONS

On