Company: FWFW
Filing Date: 2025-01-14
Form Type: 10-K
Source: 0001493152-25-002097
Chunk: 298

Company: FLYWHEEL ADVANCED TECHNOLOGY, INC.
Filing Date: 2025-01-14
Form: 10-K
Item: Item 4
Chunk 298
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 recognized a
pre-tax gain on such sale of $2,452,638. The activities of the three reportable segments, provision of IT maintenance and support services,
IoT BPO services and IoT development services in Hong Kong and Australia have been segregated and reported as discontinued operations
for all periods presented.

The
following table shows calculation of the gain on Sale of Mega Fortune:

 SCHEDULE
OF DISCONTINUED OPERATIONS GAIN ON SALE

    July
    5, 2024 
  
    Fair value of shares of Eilson 
    $5,422,500 
  
    Less: Carrying value of
    net assets disposed 
     2,969,862 
  
    Gain on Sales of Mega
    Fortune 
    $2,452,638 

The following table shows the carrying value of net assets disposed:

 SCHEDULE
OF CARRYING VALUE OF NET ASSETS DISPOSED

    July 5, 2024 
  
    Cash and cash equivalents 
    $230,232 
  
    Other current assets 
     1,831,334 
  
    Non-current assets 
     2,335,812 
  
    Bank loans 
     (507,441)
  
    Other liabilities 
     (920,075)
  
    Carrying value of net assets disposed 
    $2,969,862 

The
carrying amounts of the assets and liabilities of the three reportable segments were classified as held for sale in our consolidated
balance sheets as of September 30, 2023. The asset and liability balances as of September 30, 2023 were classified as current as we anticipated
the sale of these assets and liabilities within a one year period. The 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